WA Recourse for Breach of Contract Without a Lawyer?

[Razor]

Are consumers/investors who have suffered loss from a breach of contract protected by any body or legislation in Australia without engaging a lawyer?

For example, a company who has received investment from retail investors is threatened with liquidation due to mismanagement and is unable to pay back the capital along with accumulated interest. How are these investors protected under Australian Law and by bodies such as ASIC?

PS. These investors are a mixture of Australian Citizens and foreign investors from across Asia.

 

[Rod]

ASIC may help if the amount was large enough - e.g. think millions.

Mismanagement is not normally going to attract the interest of ASIC. Normally would need a contravention of the Corporations Act or criminal behaviour or some other law. There is no law that protects investors from incompetence.

 

[jackaustin]

Yes. Report to ASIC and lodge a complaint with AFCA, both free and no lawyer needed. If you are dealing with a complex dispute, consulting a breach of contract lawyer Irvine residents trust can help strengthen your claim. If the company goes into liquidation, submit a proof of debt to the liquidator to register your claim. Foreign investors have the same rights as Australians under the Corporations Act 2001.