The Corporations Amendment (Phoenixing and Other Measures) Bill 2012 was introduced in the House of Reps on Wed 15.2.2012. It proposes to amend the Corporations Act 2001 to:
- introduce an administrative process for compulsory external administration to facilitate payment of employee entitlements where a company has been abandoned. The Bill provide ASIC with a discretionary power to place a company into liquidation where: (i) ASIC otherwise has the power to deregister the company; (ii) the company has not paid its annual review fee within one year of the fee being due; (iii) ASIC has reinstated the registration of a deregistered company; and (iv) ASIC has reason to believe that the company is no longer carrying on business and there is no objection to the company being placed into liquidation;
- include a regulation making power to prescribe methods of publication of notices relating to events before, during and after the external administration of a company; and
- make other miscellaneous, minor and technical amendments.
Date of Effect: The Bill will commence on Royal Assent and the substantive amendments will commence on a single day to be fixed by Proclamation.
[LTN 30, 15/2]