12-225MR Info sheet on financial reporting compliance of insolvent public companies
Wednesday 12 September 2012
ASIC has today released an information sheet discussing its review of external administrators’ and registered liquidators’ compliance with the obligation to prepare audited financial reports for public companies and certain large proprietary companies and lodge them with ASIC.
This information sheet explains:
the relief granted by ASIC to companies in external administration from some of the financial reporting obligations in the Corporations Act 2001 (Corporations Act)
our review of lodgements of audited financial reports, which revealed an unacceptably high level of non-compliance with the financial reporting obligations by administrators of insolvent public companies
the reports required to be prepared by external administrators, most of which are publicly available, and
the relief from the financial reporting requirements relating specifically to Ansett.