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Compensation for breaches of director’s duties
Should it be held that a director of a company has breached their statutory duties, as contained in the Corporations Act 2001 (Cth) (Act), then the question arises as to how a Court will determine the amount of compensation to be paid by the errant director. The remedies provided for in the Act include declaratory…
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Insolvent trading – prison for former Kleenmaid director
Former Kleenmaid director, Andrew Young, sentenced to nine years in prison for fraud, criminal insolvent trading and causing $330,000 to be withdrawn from company bank account. Learn more about Australian Securities and Investments Commission (ASIC)’s actions to ensure directors meet their obligations and the consequences of allowing companies to trade whilst insolvent.
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Company money is for company purposes
This article examines the legal principles behind when it is permissible to use company funds, focusing on the case of Re D G Brims and Sons Pty Ltd (1995) 16 ASCR 559, which established that company funds must only be used for company purposes and not to pay for legal costs of proceedings for the…
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A director’s duty to act in the best interests of the company: MG Corrosion Consultants Pty Ltd v Gilmour
The case of MG Corrosion Consultants Pty Ltd v Gilmour [2014] FCA 990 serves as a reminder of the need for Directors to uphold their obligations under the Corporations Act 2001 (Cth). Uncover the Courts findings and the implications for Directors.
Breach of directors duties
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