Partnership and Company: Everything You Need to Know

Running Head: COMPANIES AND PARTNERSHIP LAW
1
COML2005 Companies and Partnership Law
Name
Institution
Date

COMPANIES AND PARTNERSHIP LAW 2
COML2005 Companies and Partnership Law
Powers ASIC could use in relation to prospectuses
There are a number of power sets that ASIC could use in relation to prospectuses. One
of the most significant parties that govern the legislation administration of the body is the
Corporation’s act of 2001. Another power that ASIC could use in relation to the
implementation of its prospectuses is the superannuation industry and the life insurance act.
This is because the ASIC has very many powers vested in it (Tarasiuk & Gorniak, 2017). One
of its powers is to institute criminal or civil proceedings, and to investigate breaches under
the different acts described above. These powers include ASIC actions against companies,
directors, and other persons within companies that could be implicated. This powers are
exercised in cases such as insolvent trading, misappropriation, and breach of duties.
Besides, these powers are crucial to the ASIC body since they enable it to obtain
information that is needed to make enforcement and regulatory decisions. In addition these
powers are important as they enable the ASIC to obtain evidence in forms that are crucial and
those that could be used in court proceedings (Price, 2017). The powers also ensure that
directors of companies are away of how they should provide information and documents to
the ASIC. The powers also ensure that witnesses are protected under the ASIC.
QUESTION 2
Provisions of the Corporations Act apply to Peter Grandthorn.
In Australia, the corporations act is the primary legislation that regulates the country’s
companies. This is because it has provisions that regulates companies’ crucial matters such as
operation or even formation. In addition to this, the corporation’s framework also covers a
variety of many different financial services and provisions. There are a number of provisions
of the corporation’s act that apply to peter Grandthorn as the director of the company. The
first provision that applies to him is that that outlines the duties of a director. Under this