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ASIC alerts and why every corporate lawyer should be using them

ASIC alerts are a fast, simple way to track any changes made to a company or to check which documents have been lodged.

What are ASIC alerts?

ASIC alerts are a fast, simple way to track any changes made to a company or to check which documents have been lodged. As the name suggests, you’ll be alerted every time there is a change saving you the hassle of constantly checking the ASIC registry. This becomes especially helpful when you are monitoring several companies over different matters. ASIC alerts can be setup through the ASIC website and can be included with your legal search provider.

What information is in an ASIC alert?

You can customise your alerts to produce the information you are searching for. Below is a list of the possibilities you can set up for your Alerts: Internal administration documents
  • changes of company name, type or class
  • change of registered office
  • initial appointment and changes to directors and secretaries of companies and bodies
  • lodgement of allotment of shares, alterations and notices relating to substantial shareholdings.
Buy back documents
  • copies of resolutions
  • offer documents and notices
  • disclosures relevant to information when offer made
  • notice of cancellation of shares relating to buy-backs.
Debt documents
  • notices that companies have been placed in any type of external administration
  • notices of appointments of external administrators
  • notices of ceasing or changes to details of external administrators.
Deregistration documents
  • applications to deregister a company,
  • applications to restore a deregistered company to the register.
  • all documents that result in a change in the status of a company to either ‘Strike off’ (SOFF) or to ‘Deregistered’ (DRGD)
Disclosure notice documents
  • documents that note significant changes in an organisation that could affect market value. This can include changes in control, changes in assets, and suspension of its listing on the ASX.
Financial documents
  • accounts of public companies including accounts of disclosing entities (yearly and half-yearly)
  • copies of accounts of proprietary companies (if they are required to lodge such documents)
  • returns by management companies.
Fundraising documents
  • This category covers all fundraising documents including supplementary prospectuses.
Takeovers (short) documents
  • This category covers bidder’s statements and target’s statements.
Takeovers (all) documents
  • This category covers all takeover documents.

How ASIC Alerts can keep you focussed

In today’s world, corporate lawyers rarely manage one case at a time, which means it’s easy for things to slip through the cracks. ASIC alerts are one way to ensure you don’t drop the ball.

Saving time and adding to your customer service offering

When you have several cases, and each case is looking at more than one company, the list can be overwhelming. Continually checking for changes for each of these companies can be a full-time job. Alerts will allow to continue your day-to-day work and be notified when something in your case is updated.

Not only does this improve efficiency, but it means you can respond to your clients in a timely manner, keeping them abreast of all the changes and updates in the case. The more information you have, the better service you can offer your clients.

Being alerted also speeds up the entire case as you can now proceed with next steps right away. For example, when the company has lodged documents, it may take you a few days to notice and take actions accordingly. With Alerts, you can act right away making sure the case progresses as quickly as possible and the client remains satisfied.

Saving costs

On top of the efficiency benefits, Alerts can also save money. Traditionally, every time you wanted to check for changes you would have to re-order the company extract, which comes at a cost. With Alerts you only need to order the extract once and all the information you require will be present in the next alert.

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