Corporations are required to comply with the terms of the Corporations Act (2001) which generally covers a number of operations including the powers of directors, shareholders and obligations pertaining to disclosures and record keeping. It may the case, that where a corporation has been found to be non-compliant with the Act, ASIC, who enforces the Act, may be entitled to serve a notice pursuant to s1274(11). A section 1274(11) notice is issued:
"If a body corporate or other person, having made default in complying with:
(a) any provision of this Act or of any other law that requires the lodging in any manner of any return, account or other document or the giving of notice to ASIC of any matter; or
(b) any request of ASIC to amend or complete and resubmit any document or to submit a fresh document;
fails to make good the default within 14 days after the service on the body or person of a notice requiring it to be done, a court may, on an application by any member or creditor of the body or by ASIC, make an order directing the body or any officer of the body or the person to make good the default within such time as is specified in the order."
At Navado we may be able to offer advice in relation to a corporation's level of compliance and means of remedying any instances of non-compliance with the Act. We can also assist where there is a dispute arising from this non compliance including any consequential loss or injury arising. There is also a risk that a contravention of the Act may also amount to negligence and/or criminal charges depending on the circumstances and nature of the offence.
If you are unsure of your obligations or rights in relation to Corporate Compliance, or if you have had contact with ASIC in relation to alleged breaches of the Act, we recommend that you contact our firm on (02) 9233 4048 or send an email to info@navado.com.au and arrange an appointment to see one of our Compliance & Regulatory Law Solicitors.
This webpage (and any material or wording appearing on this webpage) is provided for general information purposes only and does not constitute any Legal Advice. It does not take into account your objectives, your instructions or all of the relevant facts and/or circumstances. Navado accepts no responsibility to any person who relies on the information provided on this website. We further refer you to our Disclaimer.
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