Directors and officers of companies are subject to numerous statutory duties and can face a wide range of claims giving rise to civil and criminal liability for breaching them. Regulators with the power to investigate and pursue civil or criminal penalties for wrongful conduct include the Australian Securities and Investments Commission (ASIC), the Australian Competition and Consumer Commission (ACCC), the Australian Taxation Office, the Australian Federal Police, and the Environmental Protection Authority, amongst others.
The amount of legal and other professional costs incurred by a director or officer in the defence of a claim against them or in connection with an investigation is often substantial, as are the civil and criminal liabi…
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