Explain whether the corporations act 2001

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Reference no: EM133527415

Assignment:

Not long ago, Johnson Manufacures Pty Ltd was wound up in insolvency on the application of one of its major suppliers. While the company's liquidator was examining the company's inadequate financial records. She noticed that seven months before its liquidation the managing director of Johnson Manufacturing Pty LTD had deposited significant company funds into his name, shares in a large, listed mining comapny. In the winding up there were inadequate funds to enable repayment of all debts owing to creditors.

Required- Explain whether the corporations Act 2001 (Cth) enables the liquidator of Johnson Manufacturing Pty Ltd to recover any money from the managing director or his son in these circumstances. Your answer should include refrence to relevant cases, legislation and legal principles.

Reference no: EM133527415

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