Joseph is a company secretary and director of Big Co Ltdkjkzxzcb;iufhso.docx - Joseph is a company secretary and director of Big Co Ltd Joseph has not

Joseph is a company secretary and director of Big Co Ltdkjkzxzcb;iufhso.docx

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Joseph is a company secretary and director of Big Co Ltd. Joseph has not complied with the regulations under the Corporations Act whereby various changes in the company must be made known to ASIC. The company appears to have a number of irregularities, which if not criminal, are technical breaches. What might be the reaction of ASIC to Joseph and the company’s situation? = Issue - ASIC reaction to Joseph and company 2= Law - Corporations Act 2001 (Cth) + Company officer-duty + Company Constitution - ASIC Act 2001 (Cth) + Company officer -duty 3= Application + according to the Corporations Act and the ASIC Act: The directors must exercise their power and duties with care and diligence, the director must have proper information about financial position of company and they should Inform about all the company changes to ASIC. Similarly they should not take any advantages of their position. All in all, Joseph and the company are required to comply the law which are on ASIC and Corporation Act. But they breach the law. They did not inform company performance to ASIC and the company appears to have number of irregularities. So, they have to pay penalties. And they should strictly follow company rules and regulation 4=Conclusion Joseph, and his company, might be subject to some civil penalties, or receive an enforceable undertaking. What is Misconduct in the Banking? Queensland couple Ian and Michelle Tate have been left distraught at the prospect they might lose everything because they claim Westpac grossly underestimated their expenditure. They bought their first home in 2008 but decided to invest in a further three in 2013 and 2014 while Mrs Tate was a full-time mum, all funded through Westpac loans they locked in as interest only and secured against their first property. Unaware the interest only period would eventually end, they’ve been faced with $1.6 million in debt they fear they can’t afford.
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  • Three '17
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