ASIC & Other Prosecution

Boardroom-LrgeSince 1 July 2002 Australian Securities and Investment Commission has increased the number of prosecutions of people and companies for a variety of alleged breaches of the Corporations Act. ASIC have stated that reasons for increasing prosecutions include improving the quality of information available to the public, shareholders and members or officers of Australian companies; assisting external administrators to address ongoing misconduct by company officers and discouraging the misuse of ASIC’s public database and preventing disqualified directors from managing companies. ASIC have focused on prosecuting those:

  • alleged to have continued to act as an officer of a company after a liquidator is appointed;
  • company officers who allegedly failed to assist insolvency practitioners to administer a failed company by not providing a report as to the affairs of the company, company books and records and assistance when requested;
  • company officers themselves and their companies for allegedly failing to update ASIC registers with the addresses of their companies and company officers; and
  • alleged to have used company titles when no such company was registered by ASIC.

As the potential sanctions for non-compliance are becoming stricter, our team has developed an extensive understanding of corporate regulatory authorities, helping us to comprehend the regulators’ priorities and concerns and to work cooperatively to find practical solutions for our clients. These matters can be complex and sensitive, and raise significant reputational risks for companies and individuals, as well as exposure to possible civil, criminal and administrative sanctions.
Our team at Ramsden Lawyers can assist you to navigate your business through these issues by:

  • advising on internal policies, internal controls and corporate governance;
  • monitoring compliance programs pursuant to agreements entered into with the government;
  • conducting due diligence in connection with compliance issues arising in mergers, acquisitions and joint ventures;
  • advising on regulatory investigations arising from allegations of bribery and corruption, fraud, money laundering, breach of trade and economic sanctions, investment fraud, tax evasion, breach of environmental regulations, improper accounting practices and other corporate and individual misconduct;
  • managing enquiries, investigations and enforcement actions initiated by government departments and regulators; and
  • advising on potential legal and regulatory exposure, as well as disclosure and reporting obligations, arising from matters brought to light by investigations;

At Ramsden Lawyers we believe that staying proactive in regards to new rules and regulations allows us to identify issues before they become a reality, providing all entities the benefits of minimal future legal and financial risks; increased visibility on the current compliance state of the organisation; saving time and costs associated with non-compliance including those imposed by ASIC that could negatively impact the entire organisation and provide a sense of security in the company’s operations and transactions.

OUR OFFICE
Levels 5 (Main office) and 9 (Property group)
Corporate Centre One, 2 Corporate Court
Bundall , QLD, 4217 Australia
Phone: (07) 5592 1921
Email: enquiries@ramsdenlaw.com.au
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