Regulator throws the book at director for phoenixing

Directors who violate rules on debts, taxes and accounting face serious consequences. ASIC has disqualified Jason Andrew Hammond of Cameron Park, NSW, from managing companies for five years as a result of his involvement in three failed companies. ASIC found that Mr Hammond: Improperly used his corporate position by causing assets to be transferred for [...]

By |2019-04-14T15:28:54+10:00August 16th, 2018|Business|0 Comments

Court convicts franchisee of fraudulent conduct

ASIC has said it will target business owners who try to dodge their creditors by “illegal phoenix activity”. A director has received three serious punishments after being caught engaging in phoenix activity. Ms Amy Timko, of Spreyton, Tasmania, has been: Convicted of two counts of fraudulent conduct under the Corporations Act 2001 Sentenced to two [...]

By |2019-06-24T18:39:20+10:00April 12th, 2018|Business|0 Comments

Authorities take action on small business loans

The big four banks and other lenders have been warned to remove unfair terms from small business loan contracts. ASIC has released a report outlining the changes made by the big four banks to remove unfair contract terms from small business loans up to $1 million. The report also provides guidance to lenders about compliance [...]

By |2019-05-02T19:14:06+10:00March 15th, 2018|Business|0 Comments

Business pays the price for dodgy marketing

Thinking about breaching the Australian Consumer Law? It might cost you big dollars. Clear Credit Solutions has been slapped with $21,600 of penalties after being issued with two infringement notices by ASIC. ASIC said it “had reasonable grounds to believe that Clear Credit had breached the Australian Consumer Law” after the credit repair agency “made [...]

By |2019-04-14T15:11:18+10:00February 19th, 2018|Marketing|0 Comments

We’re here to help small business: ASIC

ASIC has released a small business strategy covering the next three years. ASIC has released its Small Business Strategy 2017-2020, which outlines the work the regulator does to support the small business sector. ASIC commissioner John Price said this support involves three things: Engaging with small business to understand their challenges and opportunities Helping small [...]

By |2019-04-14T14:37:57+10:00August 24th, 2017|Business|0 Comments

ASIC reminds Australians to check for missing money

You and your colleagues might be entitled to free money - and all it takes is one quick check to find out. There’s $1.1 billion of unclaimed money floating around Australia - and some of it may belong to you. ASIC is urging Australians to do a free check to see if they’re entitled to [...]

By |2020-12-21T23:44:46+11:00April 26th, 2017|Business|0 Comments

Scammers targeting businesses with fake ASIC notices

ASIC is warning business owners to think before they click, with scammers targeting businesses with emails that are falsely claiming to be from ASIC. Business owners have been warned to be on the lookout for scam emails that are purportedly from ASIC. ASIC said it was aware that some business representatives have received emails containing [...]

By |2020-12-21T23:44:46+11:00January 11th, 2017|Business|0 Comments

Businesses put on notice about misleading advertising

ASIC has taken action against a company that said one thing in its headline advertising but another in its fine print. Allianz Australia Insurance has compensated 740 Petplan insurance customers more than $231,000 after making “misleading” advertising claims, according to ASIC. Allianz’s agent, Petplan Australasia, also corrected its advertising. “Petplan's website promoted the Petplan insurance [...]

By |2019-04-14T10:50:46+10:00June 10th, 2016|Marketing|0 Comments

$1.2bn of free money up for grabs

Small business owners and their staff could be entitled to unclaimed money that they’ve forgotten about. Kelly O’Dwyer, the minister for small business, has urged Australians to do a free search on the ASIC MoneySmart website to see if a share of $1.2 billion of unclaimed money is theirs. There are more than a million [...]

By |2020-12-21T23:44:48+11:00April 6th, 2016|Business|0 Comments
Go to Top