declared regarding the main role of the chairman in the board meeting of a company. The power and responsibilities that are given to the directors and chairman are distinct from one another. In addition, he claimed that he wouldn’t be able to assist for the position of active director in the board meeting. Thereby, this breach should not be deliberated as director duty breach (Young and
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Corporation Law, (HI 5027) Assignment -2 Part-A The director’s duty to prevent insolvent trading is in s588G of Corporations Act, however there no separate law to prevent insolvent trading.s588G of corporation Law deals with protecting creditors in dealing with companies. Creditors usually don’t require protection of s588G because many creditors can protect themselves from the risk of their loan being not paid by obtaining security for the loan for example giving mortgage. So in Case the company
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1. Introduction Directors play vital role in corporate governance in which their poor management will lead to a significant change of shareholders value, measured by the company share prices. For example, ABC Learning Centre share price dropped 60% in 2 hours after it announced its profit fell 42% (Couriermail 2008). The purpose of this report is to outline the reasons of the collapses of ABC Learning Centre, Centro Properties Ltd and Hastie Group and the main financial disclosure issues
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and Elizabeth are the directors of Pandora Diamonds, which decided becoming more competitive. Therefore it needs to expand its business and it feels with the increased volumes of sales it would be able to lower its prices and become more competitive. It retained a $4 million dollar loan from Bonza Bank Ltd. $3 million is used to buy more stock and $1 million is used to buy a large new warehouse and showrooms from Space Solutions Pty Ltd. However, there are few directors were not really care about
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An Academic Report into Industrial Law and Business Occupational Health and Safety Work Health and Safety Act 2011 QLD No. 18 Model Work Health and Safety Act TABLE OF CONTENTS 1.0 Introduction 3 2.0 History and Purpose of OH&S Legislation 4 3.0 Scope of WHS Act 5 4.0 Key Provisions in a Business Context 6 5.0 Primary Duty of Care 7 6.0 Application of OHS 9 7.0 Regulation Change, a Harmonious Approach? 11 8.0 References 13 8.0 Resources
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which are limited by shares. On the facts, plaintiff was trying to ask Chow Ltd for compensation as Shiba Ltd is owned by Chow Ltd. On the facts, holding company have to pay the compensation fee under tort of negligence. 3) Application: a) Duty of care to employees: Defendant is the directing mind and will of the company. [Briggs and James Hardie & Co Ltd (2001)] wish to sue the holding company because of ‘Deeper Pockets’ arguments under vicarious liability. On the facts, plaintiff would
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P 1.05 Separate legal entity Limited liability Perpetual succession Under Corporations Act 2001 “Upon registration, a company becomes a separate and distinct entity from its members / shareholders, directors and officers. A company can sue and be sued in its own name. The property of the company does not belong to its members, but to the company alone. A company exists in perpetuity until it is deregistered. Type A: Limited Liability Company
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subject of topical interest would be masterly understatement. What had already become a hot topic in Australia during 2001 has since burst out across the world, involving the direct intervention of the President of the United States. I’d say that Monash University has got its timing pretty right. The interesting question is whether this initiative would have received any interest or support in Australia two years ago. There is little doubt that by the end of the 1990s the business community was becoming
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action taken by a company. Directors of a company contravene this section if they fail to prevent the company from incurring the debt if: • they are aware that there are grounds for suspecting the company is insolvent;[1] or • a reasonable person in the same situation as the director would be so aware. Offence creating provision Section 588G(3) of the Act provides that a person commits an offence if: • a company incurs a debt at a point in time; • that person is a director when the debt is incurred;
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Introduction This research essay will be discussing the issues that are confronted by the directors of Hampton Park Pty Ltd (HP). The directors, William, Jack, Susan and Gail had their company liquidated shortly after declaring the dividend to their members. Unbeknown to the directors, the Chief Financial Officer of HP, George has been withholding information regarding the company’s deterioration of their financial position. Although late in realizing, George also failed to inform the board regarding
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