Hi to all forum members.
Umm Brian your accountant and advisor should carry professional indemnity insurance....seek advice regarding the loss of business and reputation from a legal firm. Your basic explanation gives me reason to believe that little or zero diligence was undertaken by either yourself or your acc/advisor regarding this shelf company That is not an issue in a claim as you relied on "Professional" advice and therefore is claimable under his/her policy. PM me if your unsure.
To sell/transfer an encumbered shelf company is not incompetent but criminal. Hope you’re reporting the person or firm that did this although it can be a bit tricky given the industry is largely self regulated (often by association or institute) and asic is unhelpful particularly with small business related complaints. If your advisor is a member of one of the industry associations or institutes, that would be worth following up. I’m sure you’ve already done it but it’d be interesting to do the free public search for the history of the shelf company you bought to see who was involved and what links there are to your advisor.
Two words "Due diligence"
But who's PB? If like me you don't have a clue and pay someone to see to it then that payment should make them liable if it's a shit deal surely?
