Theatre Australia

your portal for australian theatre

Omnibus Books

Tue, 19 Oct 1999, 07:45 am
Walter Plinge2 posts in thread
After further investigation it is apparent that Omnibus Productions is a Registered Business Name ONLY. Omnibus, according to the ASIC (Australian Securities and Investment Commission)records is not an incorperation or Pty Ltd company at all and as such is not required to show its books to anyone except the taxation department. The directors of the company are personally liable for any monies borrowed and need to put forth personal assuraties when borrowing money...eg:put their house up as collateral. Hence, if a show made a large enough loss and they were unable to repay a bank loan they would indeed loose their house.To ask a registered business name only company to show its books to the public is no different to someone asking to see my personal bank account statement. Of course you can ask to see it but they are not legally or indeed morally bound to disclose any profit or loss.

Thread (2 posts)

Omnibus BooksWalter Plinge19 Oct 1999
← Back to Tech Talk