ASIC enforcement numbers released

ASIC have just released their Enforcement Outcome report for the 6 month period ending June 2018.

The key stats:

  • ASIC commenced 67 investigations.
  • ASIC only banned 20 people from being directors, despite the alleged $5bn that is being taken out of the economy due to illegal phoenix activity.  Don’t forget the c3,700 entities that the ATO says may be conducting illegal phoenix activities. That’s a conversion rate of 0.5% (assuming 1 director per entity).
  • They also recovered $20.44 million in civil penalties and $213,200 in infringement notices.
  • Despite the $10m+ that ASIC will be taking from 650-odd liquidators personally this financial year to fund their operations, ASIC only successfully commenced civil and administrative proceedings against 2 liquidators, and have 4 civil actions pending.

Interestingly, auditors seem to be copping the brunt of ASIC actions, yet they won’t have to pay anywhere near the per head fees that Liquidators will need to pay.


What do you think about the numbers?

Here is a link to the report –


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