Post: ASIC winds up 17 abandoned companies owing more than $570,000 in employee entitlements

ASIC has assisted employees gain access to the Fair Entitlements Guarantee scheme (FEG) by exercising its wind-up powers and appointing liquidators to 17 abandoned companies in the 12-month period ending 30 September 2018.

Because ASIC appointed the liquidators, employees of these 17 companies can now apply to recover owed unpaid employee entitlements. The 17 abandoned companies owe at least 32 employees more than $570,000 in employee entitlements.

The appointment of liquidators also facilitates a full and proper investigation into the reasons why the companies failed and allows recovery of any voidable or unreasonable director-related transactions that can potentially be returned to creditors.

ASIC made the following nine appointments from a new panel of liquidators who can be appointed to abandoned companies.

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