Joseph is a company secretary and director of Big Co Ltd. Joseph has not complied with the regulations under the Corporations Act whereby various changes in the company must be made known to ASIC. The company appears to have a number of irregularities, which if not criminal, are technical breaches.

What might be the reaction of ASIC to Joseph and the company’s situation? Elaborate the following points to give a clear picture of the case.

1= Issue

• ASIC reaction to Joseph and company

2= Law

• Corporations Act 2001 (Cth)

+ Company officer-duty

+ Company Constitution

• ASIC Act 2001 (Cth)

+ Company officer -duty

3= Application

+ according to what is prescribed in the Corporations Act and the ASIC Act: Joseph and the company are required to comply the law

+ they breach the law

=suffer penalties

4=Conclusion

Joseph, and his company, might be subject to some civil penalties or receive an enforceable undertaking

Answer rating: 100% (QA)

1 Whenever the ASIC receives any misconduct report it inquires and assesses the origin of the reports and recognizes that there is a violation of the ... View the full answer