So, you're going to tell the administrators how to do their job?

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jwhiteman

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12/05/20

08:58

Post #: 44564667
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Originally posted by Lou222: ↑

Folks

Whilst this is the end, it does not have to be for the executive, I will be writing to the administrators/Liquidators highlighting their obligations under their appointment, which most think is just to maximize their engagement which might well be the case but in any event they do have obligations such as the following to review (If you have issues with prior announcements and misleading the market, please email the administrator/liquidator and CC ASIC)-

A summary of offences under the Corporations Act that may be identified by the administrator:

180 Failure by company officers to exercise a reasonable degree of care and diligence in the exercise of their powers and the discharge of their duties.

181 Failure to act in good faith.

182 Making improper use of their position as an officer or employee, to gain, directly or indirectly, an advantage.

183 Making improper use of information acquired by virtue of the officer’s position.

184 Reckless or intentional dishonesty in failing to exercise duties in good faith for a proper purpose. Use of position or information dishonestly to gain advantage or cause detriment. This can be a criminal offence.

286 Failure to keep proper accounting records.

312 Obstruction of an auditor.

314-7 Failure to comply with requirements for the preparation of financial statements.

437D(5) Unauthorised dealing with company's property during administration.

438B(4) Failure by directors to assist administrator, deliver records and provide information.

438C(5) Failure to deliver up books and records to the administrator.

590 Failure to disclose property, concealed or removed property, concealed a debt due to the company, altered books of the company, fraudulently obtained credit on behalf of the company, material omission from Report as to Affairs or false representation to creditors.

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So, you're going to tell the administrators how to do their job?

LNG Price at posting: 4.3¢ Sentiment: Buy Disclosure: Held
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