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Breach of Directors Duties Company law in the case of ASIC v Padbury Mining Limited [2016] FCA 990 Breach of Directors Duties

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Added on  2021-06-16

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ASIC v Padbury Mining Limited [2016] FCA 990 Breach of Directors Duties Company law The presentation purports to discuss the case of ASIC v Padbury Mining Limited [2016] FCA 990 that lays down discussion in relation to the duties of the directors under the Corporation Act 2001 ( Cth ).

Breach of Directors Duties Company law in the case of ASIC v Padbury Mining Limited [2016] FCA 990 Breach of Directors Duties

   Added on 2021-06-16

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ASIC v Padbury Mining Limited [2016] FCA 990 Breach of Directors Duties Company law
Breach of Directors Duties Company law in the case of ASIC v Padbury Mining Limited [2016] FCA 990 Breach of Directors Duties_1
The presentation purports to discuss the case of ASIC v Padbury Mining Limited [2016] FCA 990 that lays down discussion in relation to the duties of the directors under the Corporation Act 2001 (Cth). The duties of the directors are given by the members of the board of directors of a company who has been provided with the duties under the provisions of the statute as well as the common law. These are the obligations that are known as duties of the directors. Introduction
Breach of Directors Duties Company law in the case of ASIC v Padbury Mining Limited [2016] FCA 990 Breach of Directors Duties_2
The is about the announcement that has been made by the company (defendant) in relation toThere was an announcement that was not supposed to be made by the company but the directors did not prevent the company to make the announcement that the company will be receiving the fund the amounts to 6 million dollars. Australian security exchange (ASX). This fund was supposed to be used in carrying out a project in the west of AustraliaCase Facts
Breach of Directors Duties Company law in the case of ASIC v Padbury Mining Limited [2016] FCA 990 Breach of Directors Duties_3
The fund for the project in the west of Australia has been received successfully by the company. There had been an agreement with a private investor who agreed to provide funding based on certain conditions. There are certain terms that needs to be complied with the agreement to secure the funding but the company has failed to mention in the announcement.One of the terms of the agreement has mentioned that if the bank does not guarantee to 1.3 billion that is needed to be secured by the company then the fund will not be procured.Case Facts
Breach of Directors Duties Company law in the case of ASIC v Padbury Mining Limited [2016] FCA 990 Breach of Directors Duties_4

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