In this edition, we discuss the Australian Securities and Investments Commission’s (ASIC) application to wind up Liberty Bell Bay Pty Ltd (Liberty Bell Bay) over financial reporting failures, and ASIC Chair Mr Joe Longo’s opening statement at the second hearing of the inquiry into the oversight of ASIC, the Takeovers Panel and the corporations legislation. We also consider ASIC’s disqualification of a director following his involvement in companies that were placed into liquidation as they were unable to pay their debts.
In Over the Horizon, we consider the impact on energy-dependent market economies amid escalating geopolitical tensions and renewed conflict in the Middle East, and how the Australian Competition and Consumer Commission (ACCC) is monitoring fuel market behaviour.
Regulatory
ASIC seeks to wind up Liberty Bell Bay for failing to lodge financial reports
On 6 March 2026, ASIC announced that it has applied to the Supreme Court of New South Wales to wind up Liberty Bell Bay on just and equitable grounds. ASIC had previously obtained court orders requiring the company to lodge its outstanding annual financial reports for the 2021, 2022, 2023 and 2024 financial years. The company failed to comply with these court orders. ASIC alleges that Liberty Bell Bay has also failed to lodge its financial report for 2025. ASIC is now seeking the appointment of liquidators to the company and for its costs to be paid from its assets. As discussed in a previous edition of Boardroom Brief, financial reporting failures are one of ASIC’s enforcement priorities in 2026. Directors must ensure their company meets the statutory deadline for lodging annual reports. Following the end of a financial year, public companies must lodge their financial report by the earlier of four months after the financial year end or 21 days before its annual general meeting. Generally, large proprietary companies must lodge their financial report within four months after the end of the financial year. Directors must ensure their company has appropriate systems and processes in place to comply with these financial reporting obligations under Chapter 2M of the Corporations Act 2001 (Cth) (Corporations Act). If an extension of time is required, directors must obtain ASIC relief before the deadline passes.
ASIC Chair delivers opening statement to the Parliamentary Joint Committee on Corporations and Financial Services
On 6 March 2026, the Parliamentary Joint Committee on Corporations and Financial Services held its second hearing inquiring into the activities of ASIC and the Takeovers Panel. This is an ongoing inquiry under section 243 of the Australian Securities and Investments Commission Act 2001 (Cth), which requires the committee to report to both Houses of Parliament on certain matters. ASIC Chair, Mr Joe Longo, delivered the opening statement, which highlighted that ASIC has been focused on improving its enforcement capabilities, as “one of the most active law enforcement agencies in the country”. Mr Longo provided an update on ASIC’s recent enforcement actions, noting that ASIC secured $350 million in civil penalties from July to December 2025. This is a record high, and reflects ASIC’s continual pursuit of enforcement actions and its expectations that directors and executives must “meet the highest standards of corporate governance”.
Legal
ASIC disqualifies director for maximum five-year period following company failures
On 4 March 2026, ASIC announced that it has disqualified New South Wales director, Mr Claudio Criniti, from managing corporations for the maximum five-year period until 25 February 2031. Between April 2023 and September 2024, Mr Criniti was the director of seven companies (including Lamio Masonry Contractors Pty Ltd (Lamio) and Reliance Food Pty Ltd (Reliance)) that owed over $8 million to creditors. This included approximately $2.6 million to the Australian Taxation Office, $466,288 to Revenue NSW and $434,151 to Workers Compensation Nominal Insurer. Under section 206F of the Corporations Act, ASIC may disqualify a person from managing corporations for up to five years where, within a seven-year period, the person was an officer of two or more companies that were wound up and a liquidator reported to ASIC that each company was unable to pay its debts. ASIC relied on supplementary reports lodged by the liquidators of Lamio and Reliance in disqualifying Mr Criniti. ASIC found that Mr Criniti acted improperly and failed to meet several of his obligations as a director. In particular, he failed to exercise due care and diligence to ensure that Lamio and Reliance met their obligations to lodge income tax returns and business activity statements, and failed to ensure that Lamio and Reliance did not trade while insolvent. ASIC actively monitors company failures and may disqualify directors who repeatedly fail to comply with their legal obligations, particularly in relation to tax lodgements, record-keeping and insolvent trading.
Over the Horizon
The ACCC is closely monitoring fuel market behaviour as the Middle East conflict drives global oil prices higher
On 6 March 2026, the ACCC released a statement reminding local petrol retailers that making false or misleading statements to consumers about the reasons for petrol price increases would breach Australian Consumer Law. The ACCC monitors retail prices of unleaded petrol, diesel and LPG in Australia and produces reports on the industry. The ACCC recently released its report on the Australian petrol market for the December quarter 2025. The ACCC is examining fuel price movements and market behaviour in Australia as international crude oil and refined petrol prices increase sharply due to the events in the Middle East. ACCC Commissioner, Ms Anna Brakey, stated, “The ACCC will not hesitate to take action if representations and market behaviour by a petrol company contravene competition and consumer laws”. The ACCC has written to major fuel companies to set out its expectations about domestic fuel pricing and has signalled that it will act swiftly against non-compliance during this period of heightened scrutiny. Companies involved in fuel retailing, distribution or pricing must ensure that any public statements regarding price increases are accurate and that market behaviour remains compliant with their obligations under Australian Consumer Law.