Applied Company Law: Rights, Liabilities, and ASIC Actions

This report examines the rights and liabilities of Build It Ltd under Australian corporate law, focusing on unfair contract terms and the responsibilities of directors. It addresses the implications of directors resigning and forming a competing company, Rocket Pty Ltd, potentially undermining Build It Ltd's grant application. The analysis covers the legal obligations of directors, including acting in good faith and avoiding conflicts of interest, and the potential actions ASIC can take for breaches of these duties, such as civil penalties and criminal charges. The report references relevant legal principles and scholarly sources to support its conclusions, providing a comprehensive overview of the legal issues at hand.