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CORPORATIONS LAW CASES assignment1

Question Preview:

 Research on an Australian case (ideally not more than 10 years old since the decision by the Court) involving breach of company director’s/officer’s duties under the Corporations Act 2001 (Cth).

 

CORPORATIONS LAW CASES :

Note: these cases are only suggestions. Students are encouraged to so their own research and find other cases dealing with directors’ breaches of du...

View complete question »

Question Preview:

 Research on an Australian case (ideally not more than 10 years old since the decision by the Court) involving breach of company director’s/officer’s duties under the Corporations Act 2001 (Cth).

 

CORPORATIONS LAW CASES :

Note: these cases are only suggestions. Students are encouraged to so their own research and find other cases dealing with directors’ breaches of duties under the Corporations Act 2001 (Cth). Students may show their chosen case to their lecturer for confirmation prior to commencing their group report

My chosen case:

Vrisakis v Australian Securities Commission [1993] 9 WAR 395

Requirements:

 The duties/responsibilities breached (ex. CA sections 181 or 588G) and explain why the duties were breached.

Group presentation: Present the report in class or video recording. Your lecturer will advise which is more appropriate. a. If in-class presentation, all members must present on the day. If video presentation, groups must show to the satisfaction of the lecturer that all group members made a reasonable contribution to the group work. b. Non-compliance .

Total words: 600 words

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Solution preview

Chosen case: Vrisakis Vs. Australian Securities CommissionCorporation breaches can be a serious crime and a serious offence that can contribute to losing even the license of doing business in a company. In the said case, it had been found out that despite of having good knowledge and skills that are required to perform the financial and legal tasks by the directors, they failed to perform the expected duties. Breach of director’s duties can range from tremendous harm to low level losses depending over the act committed. Under the said case, the breach was made primarily due to faulty reporting and misrepresentation of data to the shareholders and other stakeholders. Vrisakis and Australian Securities Commission have gained worldwide popularity that dealt with the breach of duties on the part of the directors that has intentional objective of deceiving people. The potential harm for this misrepresentation was the misinformed public for whom the inherent risk of the business was totally unclear. People were unable to take important decisions regarding the investment making and more important decisions regarding long term funding and back support. Indirectly, such cases are enough to degrade the built in economy of the nation and can contribute towards unhealthy share price fluctuation due to the negative vibes, once the case hits the news. Overall, there would be a high chance that the company will be highly vulnerable towards the increased risks of faulty decision making in future, increased inherent risk, and weaknesses that may pose the business into serious threats ("Directors Duties | Duty of Care and Diligence | Corporate Lawyers Melbourne", 2017).    The most important factor that has to be understood well is that even if the directors are the sole shareholders of the company, still, the complaints can be brought against them in case of breach of contract.

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