These enforcement actions followed the failure of company officers and other individuals to provide registered liquidators with access to company books and submit a report on company activities and property, says ASIC.

ASIC Deputy Chairman Sarah Court said, ‘In the first six months of this year ASIC prosecuted 78 individuals for 146 offences under the Corporations Act for failing to assist liquidators with fines of more than AUD30,000 imposed.’

This is a federal action, with either ASIC or the Director of Public Prosecutions prosecuting in the magistrates' court But each may be seen as a gateway to the possibility of both criminal prosecution, if evidence is found and/or civil action from disadvantaged creditors.