Overdue levies halve as ASIC deadline approaches

The dollars have clearly been pouring into ASIC’s industry funding account in recent days.

How else to explain the halving in the sum of liquidator levies in arrears between last week and yesterday?

On Friday the regulator alerted the profession that while invoices issued to “the registered liquidators sub-sector totalled approximately $6.8 million”, it had as at March 18, 2019 collected approximately $6.4m.

Even a journalist can work out that that meant approximately $400,000 was hurtling towards the 20 per cent per annum late payment interest penalty, imposition of which commences on April 1.

Given $400,000 represented about 15 per cent of the total owed INO yesterday sought an update.

What a difference a few days makes.

An ASIC spokeswoman advised that: “Since our earlier communications to the sector after the final due date of 15 March 2019, further payments have been accounted for reducing the total levies outstanding to approximately $200,000.

“ASIC expects to continue to receive further payments over the coming days,” the spokeswoman said.

As this was the first time the levy had been applied she said ASIC’s objectives were to: “..ensure payments are made as a first step and to better understand the reasons for non-payment”.

About the Author

Peter Gosnell
Peter Gosnell
Insolvency News Online illuminates the practice of insolvency Australia-wide, highlighting the triumphs and travails of the nation’s registered practitioners and the accounting and legal professionals who work with them. INO is produced by Peter Gosnell, former business editor and senior business reporter at The Daily Telegraph newspaper. During a decade-long career, your correspondent reported on such notable corporate collapses as HIH, One.Tel, Westpoint and Fincorp as well as some of the nation's highest profile bankruptcies and the investigations and prosecutions arising from Australia's most notorious instances of white-collar crime.

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