Ipowow! Ltd, an unlisted public company, has been convicted in the Sutherland Local Court for failing to lodge financial reports with ASIC.

Ipowow! Ltd did not appear for sentencing and was subsequently convicted and fined $76,000 for not complying with two court orders to lodge their outstanding financial reports and continuing to fail to lodge their outstanding financial reports.

ASIC Commissioner Greg Tanzer said, ‘Financial accounts hold important information for shareholders, creditors and the public to help them make informed decisions.'ASIC will continue to take enforcement action against companies who fail to meet their financial reporting obligations.’

Since November 2014, 44 companies have been prosecuted for 212 offences with fines ranging up to $20,000 per offence.  All prosecutions  concern late or non-lodgement of annual reports or failure to hold annual general meetings. 

Background

Following an ASIC investigation, Ipowow! Ltd was charged in May 2015.

Ipowow! Ltd had previously entered pleas of guilty to three counts of failing to submit financial reports between 2012 and 2014 and two counts of failing to comply with court orders to lodge those outstanding financial reports.

Ipowow! Ltd was sentenced on 8 November 2015.

On 9 November 2015, Ipowow! Ltd appointed Joint and Several Administrators as a result of the company experiencing financial difficulties.