This assignment delves into the specifics of Australian corporate law, focusing on the liability for pre-registration contracts. It explores the responsibilities of promoters, who act on behalf of a company before it is officially registered, and the consequences of non-ratification by the company after registration. The analysis is based on Section 131 to 133 of the Corporations Act 2001, highlighting the discretion given to courts in deciding liability. Key cases such as Bay v Illawarra Stationary Supplies Pty Ltd (1986) are also discussed. The assignment aims to provide a comprehensive understanding of when a company and its promoters can be held liable for payments made before registration.
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