News: AUZ Australia's ASIC Further Contends Bell's A$5 Billion Valuation Did Not Comply With..., page-60

Look, I've only really had two times where I've (kind of) been in ASIC proceedings.
Not against me btw.

I don't think insurance will cover anything.
In one case the director was fined 9.5mil and banned from being a director for life.
Yet the prick went on via a shadow director doing the exact same thing. They caught him again. Not sure where that's at right now.

But ASIC are not toothless. I've said this before, they lack funding.
They can only fund about 22 cases per year. So it's fair to suggest that if they've investigated you and decide to proceed that you are in big trouble.

The other proceeding was related. Director also banned for life. It really stuffed him up.
To be honest he was just a passenger in a drive by shooting.

But he will never, ever get a tax return. All the penalties are linked to ATO liabilities.

BB will now be stuffed. Banned, shares worth bugger all. Not employable.
He will get dumped completely from Auz when ASIC win. (Surely)

Shareholders won't get a cent back from ASIC fines.
And any legal action by shareholders will just see the company cave. And shareholders won't win anyway.

And may I add. ASIC are not generally slow with court proceedings. Mostly because they've already completed all investigations.
But there's a problem. A thing called covid. The law courts are completely blocked up.

I'll give you an example completely unrelated.
I know of someone who needs to evict a tenant due to no rent being paid.
He's tried everything and has got nowhere.
Next option is court. Has been advised he won't get a hearing for two or three years.

And having said that, ASIC do get priority. So they will jump everyone in the queue.

Just contradicted myself there