plaintiff must prove is that the defendant owed him or her legal duty of care. Generally, this duty of care is a legal notion that states that people owe anyone around them or anyone who could be around them a duty to not place them in situations of undue risk of harm. Proving this element will largely depend on the facts of the situation. After the plaintiff has proved that a legal duty of care existed, he or she must then prove that this duty was breached. Generally, courts will use the standard of
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DIRECTORS' DUTIES – THE INSOLVENT TRADING ISSUES FROM A LAWYER’S PERSPECTIVE 1. OVERVIEW The aim of this paper is to: provide an overview of the insolvent trading provisions under Australian law; look at the liabilities which might be imposed on a director for breach of those provisions; examine the defences and in particular: when directors can rely on someone else to tell them about the solvency of their company after Manpac v Ceccatini and Scott v Williams; and the loss of the Southern
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the Finance Director The finance director is a key member of the board of directors fulfilling a crucial and complex role. The role of the finance director varies according to the size of the company involved. However, in general, he or she oversees all financial aspects of company strategy and is responsible for the flow of financial information to the chief executive, the board and, where necessary, external parties such as investors or financial institutions. What Are the Duties of a Finance
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carried out by its board of directors. The board is mandated to carry out the transactions of the company while observing due care and diligence. In the event of insolvency, directors are required to take all the necessary steps towards protecting the assets of the company. At this juncture, they have a fiduciary responsibility to the creditors of the company. A director will be held personally liable in the event of fraudulent and wrongful trading by the directors. A director who has self interest or
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DESCRIPTION LEG 500 Week 2 Discussion, Analyze the duty of loyalty in whistleblower case to determine to whom loyalty is owed and shows the greater duty of loyalty. Support your analysis with specific examples. Then suggest at least one change to an existing law. The duty of loyalty in the case of Milton v. IIT Research Institute did not lie upon Dr. Donn Milton. Dr. Milton had no legal duty to his claims of reporting tax fraud to IITRI’s Board of Directors. Dr. Milton was not responsible for correcting
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questionable financial reporting practices. -A professional accountant in public practice shall evaluate the significance of any threats and apply safeguards when necessary to eliminate them or reduce them to an acceptable level. b) responsibility of director - try to make the co. a success, using your skills, experience and judgment - follow the co’s rules, shown in its AOA - make decisions for the benefit of the co. - tell other shareholders if you might personally benefit from a transaction the
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four elements are necessary: Duty of Care, Breach of that duty, Injury and Causation, (J. W. Showalter, 2007). The first element, duty of care, requires all persons to conduct themselves as a reasonably prudent person would do similar circumstances. Generally, duty of care is a legal notion that states that people owe anyone around them or anyone who could be around them a duty to no to place them in situations of undue risk of harm. For example, physicians have a duty to protect patients from foreseeable
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Encouraging Accountability Linda Harris Organizational Behavior Daytona State College Dr. J Musyimi At an “A” rated hospital in Daytona Beach Florida there is a Patient Access Department (Admitting), as there is in all hospitals. There is a one director, manager, supervisor and trainer that lead the department. This department also includes 15-20 admitting clerks and 4 financial counselors. The financial counselor’s group is referred to as the FES group and their main objective is to verify the
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least 18 may be appointed as a director of a company. Under Section 9 of the Corporation Act 2001, a director of a company is the person who is appointed to the position of a director or is appointed to the position of an alternate director and is acting in that capacity regardless of the name that is given to their position; and unless the contrary intention appears, a person who is not validly appointed as a director if they act in position of a director or the directors of the company or body are
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The Role of Corporate Law in Preventing a Financial Crisis: Reflections on In re Citigroup Inc. Shareholder Derivative Litigation Franklin A. Gevurtz* TABLE OF CONTENTS I. INTRODUCTION .................................................................................................. II. CITIGROUP AS A CASE STUDY IN EXCESSIVE RISK-TAKING .............................. III. TOOLS FOR CURBING EXCESSIVE RISK-TAKING AND THE ROLE OF CORPORATE LAW ..........................................
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