In April 2008, the former directors of International Finance Corporation Pty Ltd (in liquidation) (IFC) were found guilty on several charges following investigation by the Australian Securities and Investments Commission (ASIC).

The directors were charged with having aided IFC issuing debentures to investors in breach of the Corporations Act.

The charges related to 22 debentures offered and issued to investors who loaned approximately $1.23 million to IFC in contravention of the Corporations Act.   The Corporations Act requires ASIC approval for a company to issue debentures to more than 20 investors or more than $2 million in 12 months.

Tags: Australian Securities and Investments Commission, Corporations Act, Debentures, International Finance Corporation Pty Ltd, Raising Finance Illegally

This entry was posted on Thursday, August 21st, 2008 at 7:09 am and is filed under Commercial Law, Corporations Law Advice, Director & Shareholder Advice, Due Diligence Reviews - Legal, Structuring - Business, Finance, Sale & Purchase. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.