ASIC Provides Guidance On Streamlined External Administration Lodgements Date
ASIC has updated Information Sheet 29
External administration – controller appointments and schemes of arrangements - most commonly lodged forms (INFO 29) to help external administrators, controllers and scheme administrators comply with their lodgement and publication requirements following the introduction of three new types of external administration.
The new external administration types have been in effect since 1 January 2021 and were introduced as part of changes made to the Corporations Act by the
Corporations Amendment (Corporate Insolvency Reforms) Act 2020 and related other legislation to assist small business given the impact of COVID-19 on these entities.
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From complimentary membership of the Qantas chairman’s club to a cashmere Mongolian wrap, Australian Securities and Investments Commission’s (ASIC’s) gifts and benefit register reflects a regulator whose personnel get handed lots of complimentary conference and seminar passes but not much else.
ASIC had provided its fits and benefit register as a result of a question on notice from the Parliamentary Joint Committee on Corporations and Financial Services but if financial advisers and others believed the register would reveal large amounts of compromising corporate largesse then they were badly disappointed.
But what did attract at least some interest was the number of times ASIC personnel attended Australian Restructuring Insolvency & Turnaround Association (ARITA) events and whether Commissioner John Price’s complimentary membership of the Qantas chairman’s lounge was really only worth $500.