Well I have sealed my envelope and I have learnt from this poor investment decision.
My accountant got back to me and said they did not disclose enough information, yet proving that would be very difficult and costly. He said you had to 'read between the lines' of the half yearly report to see that they would go into liquidation.
I have filled in my form, and wrote what is written above pretty much. Sorry, I could not come up with any substanial evidence to back our suspisions of misleading conduct, therefore I can't post anything here.
One thing I did find: Corporations Act- ASIC may disqualify a person from managing corporations for up to 5 years if:(a)within 7 years immediately before ASIC gives a notice under paragraph (b)(i):(i) the person has been an officer of 2 or more corporations; and(ii) while the person was an officer, or within 12 months after the person ceased to be an officer of those corporations, each of the corporations was wound up and a liquidator lodged a report under subsection 533(1)
One company we know of down. Good luck to everyone anyway.
TMR Price at posting:
1.4¢ Sentiment: None Disclosure: Held
