Failure to lodge annual reports results in court action
Three companies operated by Gina Rinehart are the subject of court action by the Australian Securities and Investments Commission (“ASIC”) for failing to lodge annual reports within four months of their end of financial year.
It is a breach of the Corporations Act for a company to be late in filing its financial accounts with ASIC. This can result in ASIC taking action to enforce the law and fines.
If you find yourself the subject of proceedings issued by ASIC it is essential that you obtain legal advice. ASIC’s powers are far reaching and there are particular processes involved in responding to a claim made against a company.