Regulatory Frameworks and Dispute Resolution

This report combines the laws of partnership, ASIC (Australian Securities and Investments Commission), and the Hong Kong Securities and Futures Commission to resolve disputes. It provides a detailed analysis of how these separate legal entities' special powers can help solve business-related cases. The report includes case law references and discusses the roles of these regulatory bodies in providing remedies, evaluations, and compensations. It concludes that seeking help from ASIC is recommended due to their unique powers for investigation and information gathering.

Problem Solving

Table of Contents
INTRODUCTION...........................................................................................................................2
Main body .......................................................................................................................................3
CONCLUSION ...............................................................................................................................7
REFERENCES................................................................................................................................7
.........................................................................................................................................................8
INTRODUCTION
Australian constitution and other legal entity bodies have provided several laws and
regulations to protect and secure citizens. Their are many laws and regulations which guide
business organisation to correct path of generating rewards but through proper legal procedure.

The following problem solving assignment briefly explain many acts with help of case laws
solve case law to give a detail information of procedures and powers which help in such
situations (Harris, Hargovan and Adams, 2013).
Main body
To,
Partners at limited liability firm ,XYZ
DATE: / /2019
Subject: to inform for the accounting details.
Sir,
This letter is regarding to information of all the fact and figures of the company and the
current situation which includes several aspects that the company should be known of and
regulate the company accordingly. According to section 13 of partnership act 1963 a ordinary
partnership is bound by the following:
Ordinary partnership:
 All partners are liable for each others decisions.(Duncan and Christensen 2017)
 A dead partner liability is divided among others and administered by being obligated for
it.
 Till the moment partner is in firm, he/she is liable for that period of time only, and apart
from that all debts, which occurs are being paid by other partners as their liability
Limited liability partnership:
 Each partner is liable for other debts and obligations in limited partnership, even after
partners death liability id divided among them.
 In LLP, partners are liable for debts to the extend where, cannot full-fill debts of other
partner and provisions mentioned in agreement.(Forsyth, 2016)
Liabilities in partnership act for general and limited liability partnership can be compared on
three prime basis
 Liability period
Ordinary partnership: In this type partners are equally liable of all liabilities in firm, one person
is not bearing all of them, but only till the partner is alive or a member after that no obligation
towards debts or liabilities.Rule 1 – s.6(1) of partnership act 1963 explains this partnership by

legal perspective.
Limited liability partnership:In this type partners have limited liability towards each other but
here even after death of a partner others share his part of debts and obligations.
 Paying debts:
Ordinary partnership:Here, all debt is on company is divided among partners and liability to pay
for other partner's, is also full-filled by other partners. No partner is left with any debts and
there are no special clause so leftover all debt is over other partners.(Howells and Ramsay
2018)
Limited liability partnership: Here, partners are limited by their obligation to full-fill debts of
other partners. After a person is dead his debt is bared by other partners to an extent where,
debts are unable to be paid and provisions mentioned in provision.
 Obligation towards other partners:
Ordinary partnership:Here the firm will only support and help the partner till he is member of
firm.
Limited liability partnership: Here, all partners have limited liability towards each other so
unless it mentioned in company policy no liability is over any other member.
In the ned the joint venture Joint venture: An association is created of two or more people
collaborate together, belonging from same field to earn rewards in monetary terms. Their are
several attributes which are essentials to formulate joint venture. There is no exact law to
discribe joint ventures, it comes under contract and agency laws of Australian corporate law
2001.(Hufnagel 2016)

MEMORANDUM
TO: companies partners
DATE: 0/ /2019
SUBJECT: Details of the companies listing and queries.
This memorandum is to inform about all the particular details regarding the company and the
brief guidelines which will explain all aspects of the terms.
Their are certain things to be understood :
The key attributes of joint venture are as following:
 these are generally projects of organisations willing to work together to gain more
benefits.
 Organisations gain benefits and use them in Tax reducing benefits as well.
 Parties working together do not merge business, they remain separate legal
organisations.
 Joint ventures do not have any separate entity, these are formulated for a particular
business venture only.
 These are divided in three types which are unincorporated, incorporated and unit trust
joint ventures.(Livermore, 2017)
 The policies mentioned in agreement between parties are mandatory for them to follow
and both sides are obligated to follow these policies to avoid any repercussions in future.
 If any obligation or dispute is recorded by either of member then it will be resolved
through policies mentioned in contract to avoid any controversy in public.
Australian securities & investment commission is a separate organisation created by
commonwealth government. Its purpose is, administer workings in every business organisations
and now after several amendments it has power to provide common law judgements for every
case scenario. Its has shaped more than 1.3 million organisations and rendered all such sort of
business. Their are special powers in hand of ASIC which help is solving cases and
investigating different situations in financial world, which helps them avoid any confusion and
provide clarity in terms and co case needs special investigation to scratch out missing pieces of
the case ASIC has special provisions for it as well-intentioned of company. Some of the most

important power's are mentioned below:
 laws and regulations mentioned in 5 most powerful acts in business law, are governed
and administered by ASIC which are Corporation act 2001,Australian Securities and
Investments Commission Act 2001, Insurance Contracts Act 1984, Superannuation
Industry Act 1993 and Life Insurance Act 1995. (Lysaght and et. al., 2017)
 ASIC has special powers to investigate cases of both civil and criminal proceedings
falling under acts mentioned above. In here all members of organisation from directors
to basic employees can be caught in matters of unethical code of conduct, illegal trading
and falling short on duties connected to organisation.
 When a case needs special investigation to scratch out missing pieces of the case ASIC
has special provisions for it as well. Sec 13 of ASIC act gives it power to investigate a
case in which a suspect of breach of law is found out.
ASIC has special powers in which they do not have to seek authority from any other judicial
body to take decisions each time in a case. It has powers to investigate and analyse case laws
and give decisions to directors and all other members of an organisation. Some of the specific
sections which provide rights to look in books and leisures of company are mentioned below:
 Section 29 of ASIC act supports it to investigate books and journals of any company.
 They shall issue a notice which will ask company to send companies books and have
full right to investigate it with help of section 30 of ASIC act.(McGee Devos and Benk
2016)
 In case if company is rigid In showing any books or documents it has direct powers to
issue a search warrant from magistrate and also they can obtain this special power from
law mentioned in several case laws mentioned in crimes act 1914.
 there are different sections for both civil and criminal proceedings which are department
of public prosecutions. In this decision all information gathered is given to them and no
intervention in investigation takes place:
 it can issue penalties and fine's, on corporation if any person tries to defend or protect its
wrong illegal corporation.
 This body of government is also for providing remedies, critical evaluation for correct
solution, providing compensations and help in winding up companies at verge of
becoming insolvent.

In the end it is provided and guided to Mr falconer should seek help from ASIC since, they can
provide him help through their special powers of providing investigation and digging out
information which will provide him relief in his matter.(Munsie and et. al., 2017)
CONCLUSION
The following report is a amalgamation of partnership laws, ASIC'S and Hong Kong
Securities and Futures Commission which regulate and revolve around solving disputes and
finding proper documentation in the provided case laws. It consists of breif analysis of how
special powers of these both separate legal entities will help solving the case and provide
justified solution.
REFERENCES
Books And Journals

Duncan, W. D. and Christensen, S. A., 2017. Commercial leases in Australia. Thosmson Reuter.
Forsyth, A., 2016. Industrial legislation in Australia in 2015. Journal of Industrial
Relations. 58(3). pp.372-387.
Harris, J., Hargovan, A. and Adams, M.A., 2013. Australian corporate law (Vol. 2). LexisNexis
Butterworths.
Howells, G. and Ramsay, I. eds., 2018. Handbook of research on international consumer law.
Edward Elgar Publishing.
Hufnagel, S., 2016. Policing cooperation across borders: comparative perspectives on law
enforcement within the EU and Australia. Routledge.
Livermore, J., 2017. Transport law in Australia. Kluwer Law International BV.
Lysaght, T. and et. al., 2017. The deadly business of an unregulated global stem cell
industry. Journal of medical ethics. 43(11). pp.744-746.
McGee, R., Devos, K. and Benk, S., 2016. Attitudes towards tax evasion in Turkey and
Australia: A comparative study. Social Sciences. 5(1). p.10.
Munsie, M. and et. al., 2017. Open for business: a comparative study of websites selling
autologous stem cells in Australia and Japan. Regenerative medicine. 12(7). pp.777-
790.
Orr, G., 2016. Party finance law in Australia: Innovation and enervation. Election Law
Journal. 15(1). pp.58-70.
Stewart, A. and et. al., 2018. Intellectual property in Australia. Lexis Nexis.