Company Officer Placed on Good Behaviour Bond for Failure to Lodge
Rockliffs Solicitors and IP Lawyers
Publish Date: August 5, 2011
The failure by a company secretary of a business listed on the Australian Stock Exchange to meet the reporting requirements that are part of the laws governing corporations, resulted in the company secretary being placed on a good behavior bond for six months and he being ordered to pay court costs. The company was fined and also ordered to pay costs.
It was found that the company had to failed to:-
Hold an annual general meeting within five months of the end of its financial year;
Lodge a half yearly financial report within seventy-five days of the end of a particular period;
Provide its financial report, director's report and auditor's report to its lenders within four months of the financial year; and
Lodge its annual report within three months of the end of a financial year.
You should see your solicitor if you are a company officer and suspect that your business may not be able to meet its financial reporting and AGM requirements as to what options may be available to seek an extension of time.
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