It’s (at the time of writing) the latest news, the Carbon Tax is responsible for more business failures in Australia than the GFC. Fearfully, it would be almost impossible to find a more purely politically focused statement.

It’s recently been reported that there have been more than 10,500 corporate failures in Australia in the last twelve months, “one every hour” quotes a sensationalist news bulletin wanting to mai [ More ]

By Hakki Hassan and Lyn Dong

Directors and Officers Liability Insurance (“D&O”) is liability insurance payable to the Directors and Officers of a company, or to the company itself, as indemnifications for certain damages (or losses) or advancement of defence costs in the event any such insured suffers such a loss as a result of legal action brought for alleged wrongful acts in their capacity as Directors and Officers or ag [ More ]

In our February 2013 issue of On The Beam, I discussed the Directors’ defences for Insolvent Trading pursuant to Sections 588H, 1317S and 1318 of the Corporations Act 2001 (Cth) (“the Act”). However as I have mentioned in the previous newsletter, the defences that I have listed may seem very useful and easily applicable but in reality, the Courts will ultimately look to the legislative intent of the Insolvent Tradi [ More ]

The appointment of a Receiver by a Secured Creditor does not take away all the powers and duties of the Directors. As such the common law right of Directors to inspect the books and records of the Company during receivership is unquestioned. However, Directors have to act in such a way so as not to threaten the security interests of the Secured Creditor.

In the cases of Oswal v Burrup Fertilisers Pty Limited and Carey v Korda [ More ]