The Government has delivered on its commitment to launch a new website that publishes notices on insolvency and other matters from 1 July 2012.
Parliamentary Secretary to the Treasurer, the Hon Bernie Ripoll MP, today congratulated the Australian Securities and Investments Commission (ASIC) on successfully rolling out the new website on time.
"The establishment of a corporate insolvency notices website is an important part of the Government's insolvency reform package," Mr Ripoll said.
In December 2011, the Government announced that ASIC would establish and host the website as the first initiative in its broader insolvency reform agenda.
On 9 May 2012, the Government enacted the Corporations Amendment (Phoenixing and Other Measures) Act 2012 with amending Corporations Regulations signed off on 14 June 2012.
These amendments allowed for the publication of corporate insolvency notices on a single, publicly available website. This will benefit creditors of companies in external administration by making it easier for them to access information.
The stand-alone website will provide a single point for searching almost all notices on external administration and company deregistration, formerly advertised in the print media.
"This is a great initiative for people affected by insolvency. It will help reduce the costs borne by companies under external administration and provide a central repository for creditors with information on upcoming corporate insolvency events," said Mr Ripoll.
The website is expected to replace 53,000 newspaper advertisements over the next four years, delivering an estimated $15 million in savings to industry over the same period.
The Government is continuing work on the remaining parts of its insolvency law reform agenda to modernise and harmonise Australia's insolvency industry, including a more robust regulatory regime for insolvency professionals.
The new website can be found at insolvencynotices.asic.gov.au.
2 July 2012