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ARTICLE · 14 JUNE 2012

Changes to Insolvency Notice Publication Requirements

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ASIC has announced changes to the way most corporate insolvency notices need to be published from 1 July 2012.

AustraliaInsolvency/Bankruptcy/Re-Structuring
Georgina King
Georgina King
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IN BRIEF

The Australian Securities and Investments Commission (ASIC) has announced that changes to the way most corporate insolvency notices need to be published, will come into effect on 1 July 2012.

The changes will mean that under the Corporations Act 2001 (Cth) most insolvency notices will need to be published on a new website run by ASIC, rather than in the print media. It should however be noted in relation to notices of winding up applications, that the requirement under Federal and Supreme Court Rules for print media publication of such notices will continue to apply, unless the court exercises its discretion to dispense with the print media publication requirement.

The changes will be brought about by the Corporations Amendment (Phoenixing and Other Measures) Act 2012 (Cth) (Act) which will amend various sections of the Corporations Act 2001 (Cth). The Act was passed by Parliament on 9 May 2012 and is currently awaiting proclamation. ASIC has indicated

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