What happens if a company does not comply with compliance notices as sent to the Company by the Commission, to effectively warn the company that it is failing in its regulatory duties?

In the case of a company that has failed to comply, been fined, and continues to contravene the Act, the Commission or Panel may apply to a court for an order dissolving the company. Finally, to improve corporate accountability, the Act proposes that it will be an offence, punishable by a fine or imprisonment of up to 10 years, for a person to sign or agree to a false or misleading financial statements or prospectus, or to be reckless in the conduct of a company’s business.

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