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Critical Analysis of The Decisions

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Added on  2021-05-30

Critical Analysis of The Decisions

   Added on 2021-05-30

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ASIC v Flugge (No 2) [2017] VSC 117 (sequel to ASIC v Flugge & Geary[2016] VSC 779)
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Table of ContentsINTRODUCTION.....................................................................................................................................3BACKGROUND OF THE CASE..................................................................................................................3DUTIES AND RESPONSIBILITIES BREACHED...........................................................................................4CRITICAL ANALYSIS OF THE DECISION....................................................................................................5IMPACT OF DECISION ON CORPORATION LAW IN AUSTRALIA..............................................................6REFERENCES..........................................................................................................................................8
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INTRODUCTIONAccording to the corporation act 2001 it has been made compulsory for the directors and officers to use their power to discharge the duties implied on them with care and diligence that an ordinary person can be expected to exercise in case that person is:A Director or any officer in any company Holds the same office like the above or may have exact kind of responsibilities like in case of directors or officers working in the company[ CITATION Pub05 \l 1033 ]. The act also helps in creating a rebuttable presumption that if in cases the director has relied on the information or advices given to them or presented by their professional advisors in terms of matters which he believes are under their professional competency it is to be ensuredthat this reliance stays under good faith and that the director is allowed to access such advisesor information without any hindrances. The defence in such cases are complemented through subject related provisions that are considered to be the part of such acts provided directors and officers will never breach any section and will take reasonable care while implying them[CITATION Arm10 \l 1033 ]. This report is being studied by us to have a deep analysis of the case: ASIC v Flugge (No 2) [2017] VSC 117 which specifies the claims of ASIC on the director and the chairman of the Company named AWB for breaching their duties as officers and directors as per the section 180 (1) of the Corporation Act. ASIC has asked to penalise these officers for the breach of their duty which relates to taking reasonable care while discharging the duties. Also section 181 is acting in the case which relates to act for proper purpose and in good faith. The below research work shall present all the points related to the case which laid to a decision and also the impact of such decision on the corporation act and ASIC. BACKGROUND OF THE CASEASIC has asked to charge penalty on the director, chairman and the former senior officer working in AWB who were blamed to have breached their responsibilities and duties to be exercised as director or officer as per section 180 (1) and section 181 of the corporation act 2001. The case deals with breaches arising due to payment of fees on transportation by AWB to Iraq which was stated under the sales contract for wheat and also different allegation whichwere related to the misconduct that are contrary to the sanctions by United State.
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