If you’ve been contacted by the Australian Securities and Investments Commission (ASIC), or you’re already facing formal action, it’s natural to feel overwhelmed. ASIC is the national body responsible for enforcing corporate, financial services, and consumer credit laws across Australia, and when it takes action against a person or company in Queensland, that action is generally referred to as an ‘ASIC proceeding.’
These are commonly referred to as a Corporate Crime or White Collar crime
Understanding what you’re dealing with, and acting quickly with the right legal support, can make a significant difference to the outcome.
What Counts as an ASIC Proceeding?
ASIC proceedings generally fall into three categories, and the seriousness of each varies considerably.
1. Civil Proceedings These typically target company directors or officers for breaches of their legal obligations, things like insolvent trading, failing to act with reasonable care, or breaching continuous disclosure rules. If ASIC is successful, the consequences can include significant financial penalties, compensation orders for affected parties, injunctions, or even the winding-up of a company.
2. Criminal Proceedings This is the most serious category. Where ASIC suspects conduct such as fraud, insider trading, or serious breaches of directors’ duties, it can refer the matter to the Commonwealth Director of Public Prosecutions. From there, matters are heard in Queensland’s Magistrates, District, or Supreme Courts, depending on severity. Criminal proceedings can carry substantial fines, and in serious cases, imprisonment.
3. Administrative Enforcement Not every ASIC action goes to court. ASIC also has the power to act directly, issuing infringement notices, banning individuals from working in financial services or managing companies, suspending credit licences, or requiring a company to enter into a court-enforceable undertaking. While these actions don’t involve a courtroom, they can still seriously damage your livelihood and professional reputation.
What Should You Do If You’re Charged or Under Investigation?
Don’t ignore correspondence from ASIC. Even an initial notice or request for information is a sign that you need to act. Delaying a response, or responding without proper advice, can make your position worse.
Avoid speaking to ASIC investigators without legal representation. Anything you say can be used against you later, even in an informal conversation. It’s easy to inadvertently say something that complicates your case.
Engage a lawyer experienced in ASIC matters as early as possible. ASIC proceedings are a specialised area of law, distinct from general litigation. An experienced lawyer can assess which category of action you’re facing, advise you on your rights and obligations, and start building your defence or response strategy from day one, rather than reacting once matters have already escalated.
Preserve relevant documents and records. Don’t delete or alter anything that could be relevant, even if it seems unhelpful to your case. Destroying evidence can lead to separate, serious charges.
Why Quality Legal Representation Matters
ASIC proceedings can move quickly, carry serious financial and personal consequences, and involve complex regulatory frameworks that most people have never had to navigate. Whether you’re facing a civil penalty, a criminal charge, or an administrative banning order, the stakes are simply too high to manage alone.
A lawyer experienced specifically in corporate and financial services regulation can help you understand your exposure, communicate with ASIC on your behalf, and pursue the best possible outcome, whether that’s a negotiated resolution or a full defence at trial.
If you’ve received any communication from ASIC, the most important first step is the same: get advice before you respond.
Compiled by Nick Dore | Managing Principal
Call us after hours on 0416 205 363. During business hours, the Fisher Dore Lawyers team is available for enquiries on 1300 557 884 or send a confidential enquiry through our website.
