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14:58
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Originally posted by plld
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Absolutely correct. ASIC is asleep at the wheel and criminals including 'would be criminals' know it. ASIC have a general rule whereby they'll disqualify a director after they've captained 2 to 3 failed companies within a reasonable period of time but they rarely do. Even if they disqualify a person, the individual will just act as a 'defacto' or 'shadow' director which again, is impossible to prove. I'm not trying to flex muscles here simply giving inside knowledge so investors/speculators are aware there's no legal recourse and should never invest more than they're prepared to lose. Regulators will thank you for the complaint referral, shuffle papers around only to inform you there's no merit in your complaint and lawyers..., we'll we know lawyers will tell you whatever you want to hear while racking up billable hours only to end with "Well we did our best!" The only Achilles heal of directors is failing to have adequate workers compensation in place or signing directors guarantees. In those cases it's unlimited liability and corporate veil is non-existent.
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ASIC runs a protection racket, and not for us.
