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ACC204 Corporations Law Rules  

Pages : 5 | Type : Essay

Answer: Answer to question 1: Issue: In this case two issues have been cropped up: Whether Liam and Peta have any liabilities under the Corporation Act 2001 or not Whether any penalty provisions could be applied on the directors or not Rules: The present case deals with the function and role of the directors regarding the insolvency of a company. Directors are possessed a higher position in an Australian company and it certain duties ...

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userWritten By : Mark     postPosted On : Oct 12, 2020     downloadDownload : 0
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ACC204 Corporations Law  

Pages : 5 | Type : Essay

Answer: Question One  Issues 1 Are there grounds to bring actions by ASIC against Liam and Peta liable? Law In Corporation Act 2001, a company is an artificial legal person. Section 198A of the 2001 Act authorizes the directors to act on behalf of the company and is held in Howard Smith Ltd v Ampol Petroleum Ltd (1974). A director is defined under section 9 of the 2001 Act and is person who is appointed as director, acts like a directo...

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userWritten By : Mark     postPosted On : Oct 28, 2020     downloadDownload : 0

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ACC204-Corporations Law  

Pages : 5 | Type : Essay

Answers:  1.Issue Whether Liam and Peta can face the criminal and civil charges by ASIC? What penalties can be imposed of action is taken against Liam and Peta? Law A director is the most important officer of the company and carries the work of the company within the power derived by him under section 198A of the Corporation Act 2001. Any person can attain the status of a director provided either he is acting as the director or ac...

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userWritten By : Mark     postPosted On : Oct 30, 2020     downloadDownload : 0
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ACC204-Corporations Law  

Pages : 5 | Type : Essay

Answers: 1.Issue The issue is to identify if shareholders who are also the directors of a limited company could be liable for the debts incurred when the company becomes insolvent. Also it intends to identify if directors may be personally liable for tax offences committed by the company. Lastly, it intends to identify if a non-executive director who was unaware insolvency is liable for the debts incurred. Relevant Law Section 588G of the...

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userWritten By : Mark     postPosted On : Oct 31, 2020     downloadDownload : 0
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ACC204-Corporations Law  

Pages : 5 | Type : Essay

Answers: 1.Issue Can ASIC bring civil or criminal actions against Liam and Peta for violation of duties? What penalties can ASIC seek against Peta and Liam? Law  The Corporation Act 2001 governs the working of the company. The working of the company is carried by company directors. Any person who is placed as director or acting as director is a company director under section 9. As per Grimaldi v Chameleon Mining NL (No 2) (2012), ...

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userWritten By : Mark     postPosted On : Nov 01, 2020     downloadDownload : 0
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ACC204 Corporations Law  

Pages : 4 | Type : Essay

Answer: Issue Liam and Peta are directors of a company that has become insolvent as of June 2017. The company was already unable to meet all its debts yet Liam and Peta continued to transact and had even received demands for unpaid taxes which the company did not pay. The issue here is to determine if the directors can be legally pursued for civil or criminal liability as per the provisions of the Corporations Act, 2001. Rule Companies in A...

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userWritten By : Mark     postPosted On : Nov 19, 2020     downloadDownload : 0
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ACC204 Corporations Law  

Pages : 4 | Type : Essay

Answer: 1 Issue A company has two directors Liam and Peta. The company has not been paying its creditors and thus has been receiving calls for the same. It is determined that it cannot discharge all its debts at once and thus the company prioritizes which creditors to pay and which ones to keep on hold under the instructions of the directors. There also unpaid tax obligations which the company cannot pay. The issue here is to determine if by ...

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userWritten By : Mark     postPosted On : Jun 07, 2021     downloadDownload : 1
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ACC204 Corporation Law  

Pages : 7 | Type : Essay

Answers 1: Issue The actions which might be taken by Galli for the non-payment of dividends Rule The court has the power to provide relief under Section 233 of the Corporation Act 2001 (Cth) (The Act) as provided by section 232 of the Act. Under these section a member of the company can claim an order if it is found that the directors are doing an act which is not good for the company or its members because of personal interest. The order m...

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userWritten By : Mark     postPosted On : Aug 05, 2021     downloadDownload : 0

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