Receivers Obtain Access to Allco ASIC Transcripts

The ASIC Act 2001 (Cth) gives ASIC power to conduct compulsory examinations ¹ . An examinee has a claim to protection of confidentiality ² .

This is not unqualified. Courts allow the transcripts to be accessed. Where ASIC produces documents in compliance with a subpoena or other order, the protection of confidentiality is controlled by the court, not ASIC.

In Gothard v. Fell: Allco Finance Group Ltd [2012] FCA 495 the receivers of Allco Finance Group applied to examine directors of Allco who had previously been examined by ASIC under s.19 of the ASIC Act. The receivers issued a subpoena to ASIC for transcripts of the examination and asked to be excused from confidential undertakings with respect to the use of that material. The directors opposed the application.