ASIC prosecutes seven companies for failing to lodge financial reports and hold AGMs

In its recent media release MR 22-022, ASIC named and shamed seven unlisted companies for failing to lodge annual reports for a number of years (in some cases for up to seven years) and two for failing to hold AGMs.

Fines levied on these entities varied from $4,000 to as much as $300,000, the latter case being an entity delisted from the ASX that did not lodge one annual report and one half-year report, did not hold one AGM, and did not have a company secretary and the requisite number of directors.

Entities failing to lodge financial reports with ASIC face penalties of up to $26,640 (120 penalty units at $222 each) and those failing to hold an AGM face penalties of up to $6,660 (30 penalty units at $222 each).

Do you need assistance getting your financial statement lodgements up to date?

Please contact BDO’s IFRS & Corporate Reporting team if you require assistance preparing overdue financial statements for unlisted public and large proprietary companies in your group.