A co-sec can face serious possible legal liabilities. They may be held personally responsible (along with directors – who have primary legal responsibility) for failures to comply with the Companies Act, and may be disqualified, prosecuted or made liable for company debts where the law is broken.
A co-sec may incur fines or even criminal charges for failing to file the confirmation statement or accounts, and could be subject to criminal proceedings if a company trades fraudulently or if company funds are misappropriated.
