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Ask Deborah Awyzio Your Own Question
Deborah Awyzio
Deborah Awyzio, Solicitor
Category: Australia Law
Satisfied Customers: 863
Experience:  Bachelor of Laws (QUT), BIT (QUT), Family Law Accredited Specialist, over 12 years experience
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I own a p/l business which was registered 9 years ago with a

Customer Question

I own a p/l business which was registered 9 years ago with a share split of 51% of shares owned by myself and 49% by my son. He is the sole director as I wished to remain as a silent partner as much as possible. Unbeknownst to me 12 months ago he has advised
ASIC the share structure has changed and the company is now 50/50 . As sole director does he legally have the right to do this without a shareholders meeting and some mutual agreement.? It is no big deal at present but where would I stand if i challenged this..
Submitted: 1 year ago.
Category: Australia Law
Expert:  Leon replied 1 year ago.

Good Afternoon

My name is ***** ***** I am a NSW Solicitor. Thank you for your question, and will do my best to assist you with your question. Please understand this is not legal advise Please understand this is not legal advise but a guide to assist you.

Do you have a shareholders agreement?

This is fraud if he forged your signature and change the share structure.

Customer: replied 1 year ago.
We dont have a shareholders agreement as such. just the original company registration with asic listing myself as 51% and my son as 49%..He advised asic of the change and certified it true and correct without my knowledge vie electronic lodgement
Customer: replied 1 year ago.
Did You recieve this communication?
Expert:  Leon replied 1 year ago.

Good Afternoon

Ok

He has committed fraud.

Do you have a copy of the 484 that was lodged?

Customer: replied 1 year ago.
I have a copy of the 484 .
Thank you for your assistance Iam happy with your response
Expert:  Leon replied 1 year ago.

Good Afternoon

You should make a detailed report to ASIC. They should change what they have done and backdate it.

Your son though will be investigated and they may charge him and it is a criminal offence under the Corporations Act.

Unless he is willing to change it back and fix up the financials willingly, only lodging the complaint through ASIC can this be rectified.

All the best and good luck.

If there is nothing further

thank you for using my services.

If I have missed anything, or you have any further questions please let me know

If there is anything else in the future please do not hesitate to ask.

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Regards

Leon