Reference no: EM131340481 , Length: word count:1500
TASK
Answer the following problem question. You must (i) use the ILAC format in writing your answer and (ii) comply with the referencing requirements contained in the Style Guide in the Subject Outline. The word limit is 1500 words (excluding bibliography which must be in the format contained in the Style Guide).
QUESTION:
South Australian Trawler Co Ltd owns a shipyard in Adelaide. It builds a variety of small and medium sized vessels.
Horatio Nelson, who has a degree in maritime engineering, is a member of the board and is also employed in an executive capacity by the company as chief designer. The company was just on the point of commencing production of an order for 12 boats for a local fishing company when the hull on the first vessel cracked during its first tests. It was discovered that Nelson, who had been given the job of specifying what steel to use, had only tested samples of steel in calm seas, rather than the rough seas which the boat encountered on its first test voyage. As a result, the South Australian Trawler Company has had to delay production by 3 months while new steel is ordered, and has lost $ 1 million.
It has also been discovered that when Nelson attended the Australasian Shipbuilders' Conference in Cairns, he was told that a company that runs tours in Victoria wants to place an order for the construction of five luxury houseboats. On his flight back from the conference, Nelson is sitting next to Clive Hander, who is a geologist. Clive tells Nelson that it is likely that there are gold deposits in an area 50 km outside Adelaide.
Nelson forms two companies of which he is sole director and shareholder. The first is Victorian Pleasure Craft Ltd, which constructs the houseboats. Nelson makes a $ 2 million profit from this. He also forms a company called South Australian Gold Mining Ltd, which exploits the mining opportunity, from which he makes a profit of $ 3 million.
Advise as to whether there are any grounds for South Australian Trawler Co Ltd and / or ASIC to take legal action and, if so, discuss all remedies that would be available. Cite relevant statutory and case law authority in your answer.
1500 words
8 references
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: Advise as to whether there are any grounds for South Australian Trawler Co Ltd and / or ASIC to take legal action and, if so, discuss all remedies that would be available. Cite relevant statutory and case law authority in your answer
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