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Business and Corporate Law | Report

   

Added on  2020-02-12

8 Pages2505 Words72 Views
BUSINESS ANDCORPORATE LAW
Business and Corporate Law | Report_1
Table of ContentsINTRODUCTION......................................................................................................................3TASK 1......................................................................................................................................31.1Introduction of case...........................................................................................................3TASK 2......................................................................................................................................32.1 Duties and responsibilities under corporation act............................................................3TASK 3......................................................................................................................................63.1 Discussion on judgement of court....................................................................................6CONCLUSION..........................................................................................................................7REFERENCES...........................................................................................................................8
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INTRODUCTIONThe Business or corporate law can be understood as the legal practices that are madeby tribunal for controlling all the activities that are conducted in corporate world. Differentlaws that are made in this sector cover shareholders, directors, workers and creditors of anyorganisation. It defines various acts and principles that govern activities related to companiesso that no illegal practices can be followed within any firm (Muchlinski, 2012). In the presentreport, there is a discussion over business and corporate law. As per this, there is a discussionover the case of Australia that has covered the corporation act and its different sectionsaccording to which duties of directors and officers within workplace have been defined.Thereport has referred to the case of ASIC vs Hellicar (2012) and various directors of JamesHardie industries Ltd. (JHIL).Meredith Hellicar was the Chairman of James Hardie companyat that time. Besides this, there will be a critical discussion about the judgement given bytribunal in stated case so as to understand all the essential elements that are involved incorporations act.TASK 11.1Introduction of caseJames Hardie is a building material company which is headquartered in Ireland andfounded in Australia. The stated organisation is a manufacturer of fibre cement buildingproducts firm that is listed in Australian Securities Exchange (ASX) as well. As per the case,in 2001, two auxiliary firms of James Hardie group were filed with large liabilities that werelinked with asbestos claims. There were some of the sufferers who demanded for thecompensation against the losses and diseases caused as a result of asbestos (Phillips, Turcoand Zuckerman, 2013). Thus, a foundation was structured by cited enterprises so as to givethe compensation to sufferers. After this, the members of board of directors made adeclaration to Australian securities exchange entailing about the funds that were sufficient formeeting all claims of compensation. However, later it was found that the declaration madeby firm was fake and as the structured foundation was underfunded by $1.5 billion. As aresult, the Australian Securities and Investment Commission (ASIC) took an action againstthe entity’s directors and company secretary Mr. Shafron.
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