Q. Publication of list of repeat offenders ?
As a part of the joint education campaign option, or separate to the education campaign, a ‘naming and shaming' approach could also be adopted. The ASIC maintains an online list of banned directors of companies. The website on phoenix activity could have a list of directors who had previously been banned or had findings against them for phoenix activity. Visitors to the website, many of whom would be employees, could then search for the name of their employer or prospective employers. Additionally, businesses could search the database before entering contracts with other businesses.
The publication of repeat offenders could be coupled with an education campaign. This two pronged strategy would seek to make it very difficult for repeat offenders to continue to operate businesses. Many stakeholders were enthusiastic about this option, particularly if it was combined with an education campaign. It is recognised that there may be potential legal and privacy issues with the publication of a list of repeat offenders. For this reason, stakeholders indicated that the publication of such a list would need to be subject to investigation prior to implementation.