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ASIC launches new insolvency portal

ASIC launches new insolvency portal

In a sign of the not-so-good economic times, ASIC has launched a new insolvency portal to provide information to companies in financial difficulty. The website launch coincides with a jump in…

In a sign of the not-so-good economic times, ASIC has launched a new insolvency portal to provide information to companies in financial difficulty.

The website launch coincides with a jump in the number of insolvencies in New South Wales. In March, the number of companies entering external administration in New South Wales reached 503, up from 348 in February.

Nationwide, 1095 companies entered external administration in March, compared with 796 for February, and 517 for January.

"When a company experiences financial distress or becomes insolvent, there are likely to be a wide range of people affected, including directors, creditors, employees, and often, shareholders and investors," ASIC Commissioner, Michael Dwyer, said in a statement.

"Company insolvencies are getting more complex and each circumstance is different. We recognise that the portal won't be able to answer every question but we want to ensure people have easy access to clear and independent information about insolvency during these often stressful times", Dwyer said.

"We encourage insolvency practitioners and the representative bodies of the various stakeholder groups, to refer to this information in their liaison with clients and stakeholders and to provide links to this information on their own websites".

For insolvency practitioners, the portal includes existing website information about their registration and compliance obligations.

Visit the ASIC insolvency portal here: http://www.asic.gov.au/insolvency

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