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ASIC funding down the gurgler

The ASIC FY2019 annual report was released the other week, and unfortunately it is slim reading for Liquidators looking to ASIC to fund claims against dodgy directors/advisors. By their own admission, YOY comparisons show that the litigation fund set up by ASIC has decreased c$600k since FY2018: Remember, this funding is designed to help liquidators…

No express exclusion of set-off in the newly announced phoenixing offences: a missed opportunity!?

Really disappointed to see that the Commonwealth Treasury didn’t run with my idea of excluding the set-off defence (per s553C) from the newly announced illegal phoenixing offences under the Corporations Act. It would solve so many issues if s553C(3) was introduced into the Corporations Act, which could say something along the lines of: “For the avoidance…