June 2020, BTL's accountants discovered a number of financial irregularities. It was revealed that a total of seven false invoices had been paid by BTL's accounts payable team - amounting to $270,000. The invoices were discovered because the ABN and business name on the invoices had been faked and the GST component of the invoice was incorrectly calculated. It was revealed that the bank account on the fake invoices was traced to Edward's wife. When Edward (Director of BTL) was confronted by Louise (Director of BTL), he claimed that he had gambling debts and needed the extra money. He has agreed to pay all of the money back but is refusing to resign from the company.

Question - Advise Louise as to whether there is any merit to ASIC (Australian Securities and Investments Commission) bringing any action against Edward for his breach of his statutory duties as a director of BTL. If ASIC are successful, outline the potential penalties or remedies that a court could impose against the directors. (Note: consider only statutory duties, but you should refer to case law as relevant)