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More than $500,000 in fines have been imposed on those failing to meet personal and corporate obligations.
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ASIC prosecutes 10 companies, 73 individuals
08 August 2022
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ASIC has successfully prosecuted 73 individuals and 10 companies over the first six months of 2022 for failing to meet obligations.
The regulator took action against company officers and related individuals who failed to provide registered liquidators with access to company books and also failed to submit a report on company activities and property (ROCAP).
ASIC commissioner Sean Hughes said that those working in these positions of responsibility within companies had a duty to assist liquidators.
“In the six months to 30 June 2022, ASIC secured over $340,000 in fines and costs against those who failed in their obligations to assist liquidators,” said Mr Hughes.
“Helping liquidators by providing company books and ROCAPs in a timely manner is a fundamental obligation of directors and important in helping liquidators realise the best possible outcomes for creditors.
“Where company officers and other individuals fail to meet this obligation, ASIC will take action to ensure liquidators are empowered to complete their work, and those who fail to help liquidators risk strict financial penalties.”
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ASIC said 10 companies were prosecuted for failure to lodge financial reports to the commission.
ASIC said that the lodgement of financial reports was important as it provided shareholders, creditors and the public with important information, and enabled them to make informed decisions when dealing with those companies.
ASIC took action against the following companies and secured over $250,000 in fines:
- Strathfield Group Limited – convicted and fined $30,000 for failing to lodge two annual financial reports between 2019 and 2020 and $40,000 for failing to comply with an ASIC notice
- Animoca Brands Corporation Limited – convicted and fined $30,000 for failing to lodge three annual reports between 2020 and 2022 and $20,000 for failing to lodge two half-year financial reports between 2020 and 2021
- McGrath Saleco Limited – convicted and fined $40,000 for failing to lodge four annual financial reports between 2017 and 2020
- Winha Commerce and Trade International LTD – convicted and fined $30,000 for failing to lodge three annual financial reports between 2019 and 2021
- Onslow Resources Pty Ltd – convicted and fined $22,500 for failing to lodge three annual financial reports between 2019 and 2021
- Frontier Diamonds LTD – convicted and fined $20,000 for failing to lodge one annual financial report for 2020, and one half-year financial report for the half year ended 31 December 2019
- Ubecorp Limited – convicted and fined $15,000 for failing to lodge three annual financial reports between 2019 and 2021
- Blackgold International Holdings Pty Ltd – convicted and fined $7,500 for failing to lodge four annual reports between 2018 and 2021
- Peel Valley Group Pty Ltd – convicted and fined $3,000 for failing to lodge three annual financial reports between 2017 and 2019
- Weed Australia – entered into a good behaviour bond with a recognisance of $1,000 for failing to lodge three annual financial reports between 2019 and 2021
Both the companies and individuals were prosecuted summarily in local and magistrates court.
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