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Ethical behavior
Ethical behavior
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ASIC v. Rich [2009] NSWSC 1229- Case Analysis
Background
One.Tel was an Australia based GSM service provider meaning it functioned mainly in the telecom sector and eventually grew to become Australia’s fourth largest telecom service provider before being shrouded in controversy which lead to its eventual downfall. Jodee Rich and other executive directors of the company faced accusations of not discharging their duties as directors effectively with respect to the duty of care they had towards the best interests of the company. This duty is mandated by Section 180 of the Corporations Act, 2001 as well as principles of common law.
Application
Corporations functioning within the jurisdiction of the Australian Commonwealth are governed and regulated by the provisions of the Corporations Act, 2001. Common law principles developed through judicial
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This decision was made in good faith and cannot be conspicuously construed to have self-interests veiled in them. Further, the executive directors made an informed decision to refrain from passing this information to the board and they did believe that this would be in the best interests of the company as disclosure would have brought an end to the company’s existence much before the actual downfall. Thus this judgment met all the requisites prescribed under the provisions of Section 180 (2) of the Corporations Act, 2001 (Rawhouser, Cummings and Crane 2015). This case was the first to comprehensively lay down the business judgment defense and apply it to the facts and circumstances of a case. This defense would negate the apparent breach of the duties of the directors as prescribed by the statute and under common
9. Woodgate, R., Black, A., Biggs, J., Owens, D. (2003). Legal Studies for Queensland, Volume 1, ForthEdition, Legal Eagle Publications: Queensland. 10. Woodgate, R., Black, A., Biggs, J., Owens, D. (2003).
This is actually an example of mixed corporate governance. There are independent board members in order to make sure that the operational and financial health of the company can gauged accurately from time to time. Peter Langerman did an in depth enquiry into the financial matters just because Dunlap had offered to resign in response to a trivial question. The board should have kept a watch on the firm’s financial health from the beginning. But after realising the gravity of situation, board was prompt and unanimous in firing Albert Dunlap which shows good corporate governance.
The Australian constitution is a national legal document, enacted by the British government on the 1st of January 1901 as a part of Australia’s federation, it can be very difficult to change yet it requires constant renewal to keep up to date with today's society. As the Australian states and territories have the ability to create their own laws, the Constitution is employed to regulate them. Any state or territory law that is viewed to be in direct defiance of the constitution can be repealed and then is reviewed and examined via the High Court of Australia. If the High Court rules that the state's law is unconstitutional it will then be voided. Due to the fact, the constitution overlooks all the laws carried out by the Australian states and
A corporation is a separate legal entity which is incorporated through the legislative process of going through a registration process. A corporation either operates as a non-profit or profit organization. The corporation has to follow the lawful rights and obligations that are different from the employees and shareholders. Corporations have some good and bad with its formation. The creation of a shield that will protect individuals from legal responsibility and personal liabil...
Established by the enactment of the Commonwealth of Australia Constitution Act 1900 on 1 January 1901, the Australian Constitution institutes the key functions of the executive, the legislature and the judiciary. Furthermore, Federation provided state and federal governments with specific powers to enact laws relating to trade, defence and immigration, and to promote nationalism. However, the privileged men responsible for Federation used the process of conventions to promote their biased views towards working class individuals and focused mainly on protecting their own interests; as a result the constitution does not explicitly include human rights protections. During federation, the appointed convention delegates of each British colony displayed
his decision concerns an application for permission to appeal against a decision 1 of Senior Deputy President Richards handed down on 7 May 2015 (Decision). The Decision concerned an unfair dismissal application made by Ms Elizabeth Atkinson on 12 January 2015 under s.394 of the Fair Work Act 2009 (the Act) in relation to the termination of her employment by L.R.G catering Pty. Ltd T/A Marine Provisioning Australia (Respondent).
This will be the judgment against interference of the cases which are before the court. The information leaked to the public by the media could be a vital information that would endanger jury or may not limit the fair judgment.
Hicks A. and Goo, S.H. (2008), Cases and Material on Company Law, (6th edn), New York, Oxford University Press
Business law is very broad concept of law which covers all the legal issues that include many commercial and domestic cases which make up most of the civil cases and there are only few criminal cases where there has been serious breach of law. With the help of reference to relevant case law, this essay will argue that Bob Wheelie suffered economic loss due to fraudulent
In the case of Foss v Harbottle (1843) contains of two members from the company named Victoria Park Co and they brought up an action against the five director from the company and also the shareholders by pointing out several action that they took to defraud the company such as selling land at a higher price. According to the case, instead of the claimant, it is the board of director’s responsibility to held a general meeting to make claim in this instance. Jenkins LJ from the case of
The Principle of Separate Corporate Personality The principle of separate corporate personality has been firmly established in the common law since the decision in the case of Salomon v Salomon & Co Ltd[1], whereby a corporation has a separate legal personality, rights and obligations totally distinct from those of its shareholders. Legislation and courts nevertheless sometimes "pierce the corporate veil" so as to hold the shareholders personally liable for the liabilities of the corporation. Courts may also "lift the corporate veil", in the conflict of laws in order to determine who actually controls the corporation, and thus to ascertain the corporation's true contacts, and closest and most real connection. Throughout the course of this assignment I will begin by explaining the concept of legal personality and describe the veil of incorporation. I will give examples of when the veil of incorporation can be lifted by the courts and statuary provisions such as s.24 CA 1985 and incorporate the varying views of judges as to when the veil can be lifted.
...the corporate veil, which is reflected in the current Australian approach. While it is clear Prest is not binding on Australian courts, this case will be useful in Australia to provide further insight into the many cases in which the piercing principle has been relevant, and may provide a clearer doctrine as to when the corporate veil may be pierced. It has been suggested that if legislation was enacted to pierce the corporate veil this would overcome the current vagueness of the veil piercing doctrine in Australia. However, as cautioned in Prest, the clarity gained may only serve to narrow the courts ability to use the piercing principle to combat abuse of the separate legal entity doctrine, in ways that the law cannot otherwise remedy. As such it appears to be as necessary a part of corporate law, as it goes hand in hand with the separate legal entity doctrine.
The Constitution of Australia is a written document, which came into effect when the six colonies federated to form the Commonwealth of Australia in 1901. It consists of eight chapters and 128 sections and lays down a set of laws or restraints by which the Federal Government must operate. It establishes the composition, procedures, functions, and powers of government, government authorities, such as the Governor General and other essential institutions. The Constitution is the basic framework for a civilised and well-governed Australia. However in the recent past, reason for parliamentary and federal concern has been thrust into the limelight. In addition, there has been a growing need for judicial interpretation and the ever-present reliance on convention.
Professor Ian Ramsay, ‘Independence of Australian Company Auditors, Review of the Current Australian Requirements and Proposals for Reform – Report to the Minister for Financial Services and Regulation’, Canberra, October 2001.
Robert, Sir G 2000, Commentaries on the constitution of the commonwealth of australia, Angus and Robertson, Sydney; Melbourne; London, pp. 1-1,137