Introduction
As part of the Australian Government's Protecting
Workers' Entitlements Package, amendments to the
Corporations Act 2001 (Cth) (Corporations
Act) have been implemented through the Corporations
Amendment (Phoenixing and Other Measures) Act 2012 (Cth)
(Amendment Act). The Amendment Act, which
commenced on 1 July 2012, allows, amongst other things, ASIC
to:
- wind up abandoned companies administratively pursuant to new
provisions in the Corporations Act; and
- appoint registered liquidators over a company when exercising
its power to wind up an abandoned company.
ASIC intends to commence using its new powers from November
2012.
Background
The introduction of the Amendment Act now assists eligible
employees of abandoned companies to obtain access to the General
Employee Entitlements and Redundancy Scheme
(GEERS) in the event that they are owed particular
employee entitlements.
