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Breach of Directors Duties under Corporation Act 2001 - ASIC v Cassimatis (No. 8) [2016] FCA 1023

   

Added on  2023-05-23

12 Pages657 Words91 Views
BREACH OF
DIRECTORS
DUTIES
Australian Securities and
Investment Commission (ASIC)
v Cassimatis (No. 8) [2016] FCA
1023

DIRECTORS DUTIES
(CORPORATION ACT 2001)
Section 180- Observe due care and
diligence
Section 181- To act in good faith and
best interest of the company
Section 182- to not misuse position
Section 183- To not misuse information
Section 184 – reckless breach of Section
181-183

CONSEQUENCES OF
BREACH
Section 181- Civil penalty (Section
1317E)
Section 182- Civil penalty (Section
1317E)
Section 183- Civil penalty (Section
1317E)
Section 184- Criminal offence

FACTS OF THE CASE
Mr Cassimatis (defendant) was the
director of Storm Financial Limited
(Storm)
Storm provided Financial services in
accordance to a model developed by
the director
The model involved the use of equity in
home to get a loan for investment
Severe losses were suffered by the
consumers through the use of the model

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