Daily, you can look up on insolvent trading guide for directors issued by ASIC.
You'd find in the guide the civil and criminal penalties, which is around 220k (civil) and 220k + 5.5 years jail term (criminal)is too light for any white collar crime.
You'd also find that Galaxy has recently appointed FTI as their consultant. FTI is a well known forensic accountancy practice. Finding criminal proof of insolvent trading might be difficult.
It'd be good if any wrongdoing director be banished by its community and be forced to move overseas (say China), which is something more powerful than the penalties mentioned above.
You are right in saying that meandering through the legal labyrinth is difficult. Somebody's got to try. Any politician with a legal background who would be happy to take up this cause may be suitable. Senator Xenophon maybe?
This post is also suitable for the "sack all directors" thread.
GXY Price at posting:
7.8¢ Sentiment: None Disclosure: Not Held
