06 Jun 08 Corporate watchdog savage on late fees
MEMBER 5 writes:
"Talk about an organisation that is simply a fee collecting organisation. We experienced a situation where we were unable to notify ASIC about a change in the address of a shareholder within the time frame. There were a range of circumstances including an office re-location which contributed to the delay of two months before ASIC was notified. The penalty was significant and our written request for a remission of the penalty was arrogantly dismissed. Talk about an organisation that has time and time again failed to protect small time investors from large corporate collapses. It seems all they are good for is the collection of filing fees from proprietary limited companies. ASIC is nothing but an expensive fee collecting service."