However, what we are seeing more frequently is the erosion of that ‘limited liability’. In addition to their obligations under the Corporations Act 2001 (Cth) and the common law, directors may find themselves exposed to personal liability in certain circumstances for breaches of other laws by the company. For example:
The Australian ‘farm debt’, currently standing at $67 billion, has more than doubled over the past decade according to the Reserve Bank of Australia. Given that approximately 94% of this debt is owed to Australian banks, and in light of the fact that the farming sector’s debt-to-income ratio is currently sitting near a multi-generational high, reliance on the Farm Debt Mediation Act 1994 (NSW) (Act) in litigation proceedings is becoming increasingly prevalent.
The Coroner found that the Guidelines, whilst not a set of rules or instructions, represented best practice. The Guidelines provided a number of steps to manage risks .
The Australian Government is considering options to facilitate a more efficient and effective response to corporate crime .
The changes affect the duties on (and liability of) committee members, and the model constitution, among other things.
ANZ v Manasseh WASCA 41, where the court considered the enforceability of a guarantee when a subsequent credit contract is entered into without the guarantor’s consent.
The new guide takes into account the ACCC’s experience in considering and issuing infringement notices since their introduction as part of Australian Consumer Law (ACL) amendments in April 2010.
The judgment makes the task of adjudicators more difficult and broadens the scope for jurisdictional challenge.
Many of you are likely familiar with The Big Bang Theory and Sheldon Coopers quirks, one of them being the soothing effect of the Warm Kitty song which is the subject of a copyright infringement claim now.
On 1 October 2015, the Queensland Industrial Relations Commission (QIRC) commenced a new process for dealing with appeals against review decisions of the Workers’ Compensation Regulator (Regulator). The changes are significant and affect not only the way in which appeals are conducted, but also the steps leading up to any hearing.