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Assignment 1( corporate law)
Research on an Australian case (not more than 10 years old) involving breach of company director’s/officer’s duties.
Write a report outlining the following:
1. Case introduction
2. Outline the duties/responsibilities (eg CA s. 181) breached and explain why the duties were breached
3. Discuss and critically ANALYSE the court/tribunal decision and the reason for the decision in view of the Corporations Act
Maximum word limit – 1,500 words
Verified Expert
Case Introduction: Under this case; ASIC (Australian Securities and Investments Commission) asserted the litigants had contradicted s 180(1) of the Act, which obliges officers to utilize sensible consideration and industriousness in practicing their controls and releasing their obligations. ASIC asserted that Messrs Rich and Silbermann; two executives of the organization had ruptured their obligations as chiefs and officers by neglecting to make appropriate revelation to the One.Tel leading body of the poor budgetary position of the One.Tel gathering preceding its breakdown in May 2001. The commission while investigating the case had made specific concentration on the financial position of the group considering each of months starting from January’2001 to May’2001
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