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Thursday 2 June 2022

22-127MR Limebrook Corporation charged for breaching financial reporting and company officer obligations

Limebrook Corporation Ltd (ACN 605 432 488) has been charged with five counts of failing to meet its financial reporting obligations and one count of failing to have the required number of company officers.

ASIC alleges that Limebrook failed to lodge annual reports with ASIC for its financial years ended 23 October 2016, 23 October 2017, 23 October 2018, 23 October 2019 and 23 October 2020 within the required timeframes.

ASIC further alleges that between 2 February 2018 to 8 February 2022, Limebrook failed to meet the legal requirement to have at least three directors appointed to the company and at least two directors that ordinarily reside in Australia.

As a public company, Limebrook is required to provide financial reports to ASIC within 4 months after the end of each financial year and meet minimum officeholder requirements. These rules are in place to promote investor confidence and support the integrity of Australia’s financial system.

The matter was heard in the Frankston Magistrates’ Court on 19 May 2022 and was adjourned to 16 June 2022.

The matter is being prosecuted by the Commonwealth Director of Public Prosecutions.

Background

Failure to lodge full-year financial reports with ASIC is a breach of section 319(1) of the Corporations Act The maximum penalty for failing to lodge the outstanding financial reports between 2017 and 2021 ranges from $54,000 to $266,400.

Failing to meet minimum officeholder requirements is a breach of sections 201A(2) of the Corporations Act. The maximum penalty for an offence committed on or after 1 July 2020 is $42,000.

Editor's note 1:

The matter was adjourned to 18 August 2022 at Frankston Magistrates' Court at for mention.

Last updated: 02/06/2022 12:00