Calls for company directors to be 'held to account'

A PETITION calling on the directors of Ipswich City Properties to be held to account for the near $80 million losses it incurred closes on Sunday.

The Queensland Parliament e-petition, which has garnered 449 signatures as of yesterday afternoon, closes on August 18.

The petition is directed at the Speaker and Members of the Legislative Assembly of Queensland was started by Cornelia Turni of East Ipswich.

The Clerk of the Parliament acts as sponsor of the petition.

It requests the house to call on the Local Government Minister Stirling Hinchliffe, Treasurer Jackie Trade and Ipswich City Council administrator Greg Chemello to "take all steps necessary" to examine the actions and decision of the ICP directors.

"Queensland residents draw to the attention of the House the report dated 25 March 2019 prepared by McGrath Nicol on a cost analysis identifying the costs and receipts associated with the Ipswich CBD redevelopment undertaken by Ipswich City Properties Pty Ltd a wholly owned subsidiary of Ipswich City Council," the petition reads.

"The report reveals the net costs less the carrying value of assets for ICP (loss) to be $78.74 million.

"The role of a company director is to govern a company on behalf of the shareholders or members of that company. Under the Corporations Act 2001 and the general law directors have various duties including to act in good faith in the best interests of the company; exercise care and diligence; and prevent the company trading while insolvent.

"Directors are personally liable as a director if they have breached their duties and caused the company to suffer some loss.

"It is vital that any actions taken against directors in breach of duty are within statutory time limits.

"(The petition wants to) ensure the directors of ICP are held to account for any breaches of duty that led or contributed to the $78 million loss incurred by the ICP and the council."

You can sign the petition here.



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