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The Directors and the Executives of Dick Smith have been accused of committing a breach of their directorial duty to exercise reasonable care after the company has suffered financial collapse in January 2016.
The former directors of the Dick Smith had to face legal action 14 months after the electronics chain was put into administration. Receiver brought a legal action against the directors and executives to recover losses worth $60 million as the directors failed to exercise reasonable standard of care and skill managing the company’s inventory. The company was alleged that its inventory purchasing decisions are based on maximizing rebates instead of demand of the customers which led to an increase in the redundant stock amounting to $180 million by October 2015. The excessive stock led the company write off $60 million of inventory in November 2015.
The directors were accused of inflating profits artificially in the 2015 financial year, as they were recoding rebates as profit. Although the directors denied that they made the purchasing decisions based on rebates, the chief financial officer of the company admitted in court that the company did adopt a strategy to enhance the earnings from rebates. The law firm defending the directors contended that the directors have always acted diligently, consciously and exercised reasonable care while carrying out the business operation of the company.
The issue that arises in the Dick Smiths case is that the directors have failed to exercise their statutory duty to exercise due care and diligence while carrying out the business operations of the company.
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