Have you been charged with Financial Assistance by a Company for Acquiring Shares in the Company or a Holding Company?
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Good Faith, Use of Position and Use of Information as Criminal Offence
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Financial Assistance by a Company for Acquiring Shares in the Company or a Holding Company
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Failing to Keep Proper Records
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Failing to Keep Additional Records for Taxation
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Inclusion of False or Misleading Information in Records
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Failing to Provide Access to Records
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Form of Record
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Giving False or Misleading Information to Tax Officers
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Deliberately Omitting Information
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Falsifying or Concealing Identity
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Tax Evasion
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Contaminating Goods with Intent to Cause, or Being Reckless as to Whether it would Cause, Public Alarm or Economic Loss
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Destruction of Evidence
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Corporate Criminal Responsibility, section 255
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False Accounting
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Falsification of Documents
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Suppression of Documents
What does it mean to be charged with financial assistance by a company for acquiring shares in the company or a holding company?
Failing to comply with Section 260A of the Corporations Act 2001 refers to the unlawful provision of financial assistance by a company to a person for the acquisition of shares in the company or a holding company.
This offense is taken seriously as it can impact the financial health of the corporation and the interests of shareholders. The law seeks to prevent companies from engaging in financial transactions that could lead to detrimental outcomes, such as an inability to pay creditors or prejudice to shareholders.
What Must the Prosecution Prove?
To secure a conviction for this offense, the prosecution must establish that:
- The company provided financial assistance to you, to acquire shares in the company or its holding company.
- The acquisition:
- Materially prejudiced the interests of the company or its shareholders, or
- Materially prejudiced the company’s ability to pay its creditors.
- Alternatively, that the financial assistance was not approved by the shareholders, as required by law, or it was not exempt under the Act.
Penalties or financial assistance by a company for acquiring shares in the company or a holding company:
The penalties for breaching Section 260A can be severe, including:
- A fine of up to $200,000, or
- Disqualification from managing a corporation.
Given the serious nature of these penalties, early legal intervention is critical.
Where will my case be heard?
Cases involving financial assistance for acquiring shares under Section 260A are typically heard in the County Court of Victoria. However, the complexity and seriousness of the matter could see it escalate, depending on the circumstances.
Factors and defences to consider:
When facing this charge, several factors may influence your case:
- Was the financial assistance approved by the shareholders as required by law?
- Did the acquisition cause material prejudice to the company or its shareholders?
- Did the acquisition affect the company’s ability to pay its creditors?
- Are there any exemptions under Section 260C that could apply to your case?
Potential defences may include arguing that the assistance was properly authorised or exempt or that it did not materially affect the company. It is crucial to explore these defences with a qualified criminal lawyer to fully understand your options.
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Good Faith, Use of Position and Use of Information as Criminal Offence
-
Financial Assistance by a Company for Acquiring Shares in the Company or a Holding Company
-
Failing to Keep Proper Records
-
Failing to Keep Additional Records for Taxation
-
Inclusion of False or Misleading Information in Records
-
Failing to Provide Access to Records
-
Form of Record
-
Giving False or Misleading Information to Tax Officers
-
Deliberately Omitting Information
-
Falsifying or Concealing Identity
-
Tax Evasion
-
Contaminating Goods with Intent to Cause, or Being Reckless as to Whether it would Cause, Public Alarm or Economic Loss
-
Destruction of Evidence
-
Corporate Criminal Responsibility, section 255
-
False Accounting
-
Falsification of Documents
-
Suppression of Documents
What happens next?
If you have been charged under Section 260A for providing unlawful financial assistance, it is essential to seek legal advice immediately. The ramifications of a conviction are significant and could impact your ability to manage a corporation or even result in a substantial fine. At MK Law, we have the expertise to help you navigate this complex legal issue, assess the available defences, and build a strong case on your behalf.
Contact MK Law today on 1800 130 120 to schedule a consultation with one of our experienced criminal defence lawyers. Don’t wait—start preparing your defence now to secure the best possible outcome for your case.
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