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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
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 ...
Question One Issues 1
Are there grounds to bring actions by ASIC against Liam and Peta liable?
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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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?
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...
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.
Section 588G of the...
Can ASIC bring civil or criminal actions against Liam and Peta for violation of duties?
What penalties can ASIC seek against Peta and Liam?
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), ...
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.
Companies in A...
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 ...
The actions which might be taken by Galli for the non-payment of dividends
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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