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ASIC v Healey: Breach of Directors' Duties under Corporations Act 2001

Form a group of 2 students and select a case to read, understand, and present. The written assignment should be approximately 2000 words and each member of the group must write 1000 words. The presentation slides should follow the IRAC method with a maximum of 8 slides. The task is worth 40% of the final marks.

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Added on  2023-06-15

About This Document

This presentation discusses the ASIC v Healey case which relates to the breach of directors' duties under Part 2D.1 of the Corporations Act 2001 by seven directors and the CFO of the company. The presentation covers the factual background, issues, rules, analysis, and conclusion of the case. The case highlights the importance of directors' duties and responsibilities and the consequences of breaching them.

ASIC v Healey: Breach of Directors' Duties under Corporations Act 2001

Form a group of 2 students and select a case to read, understand, and present. The written assignment should be approximately 2000 words and each member of the group must write 1000 words. The presentation slides should follow the IRAC method with a maximum of 8 slides. The task is worth 40% of the final marks.

   Added on 2023-06-15

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Corporations Law
ASIC v Healey
(Student Details: )
ASIC v Healey: Breach of Directors' Duties under Corporations Act 2001_1
Introduction
Corporations Act, 2001 (Cth): Main legislation
which sets out the duties and responsibilities for
the directors and officers of the nation, and these
are particularly covered under Part 2D.1 of CA
(Cassidy, 2006).
Breach of the imposed duties and responsibilities
result in both civil and criminal liabilities for the
director or officer (Latimer, 2012).
ASIC v Healey [2011] FCA 717 relates to the
breach of the aforementioned duties for seven
directors and the Chief Financial Officer of the
company (Walmsley and Puri, 2011).
ASIC v Healey: Breach of Directors' Duties under Corporations Act 2001_2
Factual Background
ASIC initiated civil proceedings in this case in
October 2009 against the present and previous
non-executive directors, CFO and CEO of different
companies, covered under the Centro Retail Group
(Retail) and Centro Properties Group (Properties) in
the Federal Court of Australia (Australian Institute
of Company Directors, 2011). Group is referred to
as CG for this project.
Issue
› The main issue of this case can be stemmed from the
contentions raised by the ASIC regarding the possible
breach of duties covered under Part 2D.1 of the CA by
the defendants of this case.
ASIC v Healey: Breach of Directors' Duties under Corporations Act 2001_3

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