RG 242 ASIC’s power to wind up abandoned companies

The Australian Securities and Investments Commission issued Regulatory Guide 242 to guide employees of abandoned companies and other interested parties regarding outstanding entitlements. The document explains the specific circumstances under which ASIC will exercise its power to wind up an abandoned company pursuant to Part 5.4C of the Corporations Act. It serves as a reference for creditors, administrators, and liquidators seeking clarity on the regulatory framework for company dissolution.