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Corporation Law Assignment PDF

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Added on  2021-01-02

Corporation Law Assignment PDF

   Added on 2021-01-02

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Corporation Law
Corporation Law Assignment PDF_1
Table of ContentsINTRODUCTION..........................................................................................................................1a. CASE INTRODUCTION............................................................................................................1b. BREACHES OF DIRECTORS’ DUTIES UNDER THE CORPORATIONS ACT 2001(CTH)..........................................................................................................................................................2c. ANALYSIS OF THE COURT’S DECISION ............................................................................3d. RELEVANCE AND IMPACT OF THE DECISION.................................................................4CONCLUSION................................................................................................................................5
Corporation Law Assignment PDF_2
Case:ASIC v Flugge (No 2) [2017] VSC 117 (sequel to ASIC v Flugge & Geary [2016] VSC779) INTRODUCTIONThe corporation act 2001 of the Australia states various provisions over formation,operation and conducting the operations of a business organisation in Australia. This act alsodefined the general and specific duties of the directors who are responsible for conducting theoperation of the corporations. The acts lay out the directors duties with a compulsory impositionto adhere with such duties without any breach. In this context a recent case law of Australiawhere the director have breach their duties under the corporation act is discussed and analysedwith stating outs the facts and decision of the case in detail. This is done to know the implicationof breach of the director duties.a. CASE INTRODUCTIONTravor Flugge was the chairman and Peter Geary was in the position of Group generalmanger in the company Australian Wheat broad Limited (AWB). The company was under acontract with Irani government for supplying wheat to Iraq1. In 2004 a case against both Fluggeand Geary was brought by ASIC (application-specific integrated circuit) related with paymentsmade to the Irani government. Its was held by the AISC that many of the payments werereferable as inland transportation fees which was defined in the contract. It also stated that theZairian government has evaded the security council resolutions through bribery, kickbacks andsurcharges on oil and illicit payments in respect of humanitarian goods. The facts founded in thiscase were related with the breach of the directors' duty by the official personnel of the AWB.Even the ran government was also under the fault for accepting the payments without EUsections. In this case ASIC sues Flugge and Geary for alleged breach of their duties under section180 (1) and 181 of the act as well as other pieces of legislations. The conduct aroused out of thecontractual relationship between the AWB and the government of Iraq where the AWB soldwheat to Iraq under the United Nation Oils for Food Program (OFFP). For this case the basicduties of the directors imposed on them by the virtue of corporation act 2001 were checked andprosecutions and palatines were imposed for breach of such duties. ASIC imposed the allegation1n1
Corporation Law Assignment PDF_3

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