BLAW20001 Lecture Notes - Lecture 11: Breach (Security Exploit), Trading While Insolvent, Oppression Remedy

• School: University of Melbourne
• Department: Business Law
• Course: BLAW20001
• Professor: Helen Anderson

Document Summary

General law duties: asic seeks criminal enforcement, company seeks civil compensation remedy, company enforces, normally a decision of the board, a member, under statutory derivative, can bring an action if directors are involved, remedy always goes to company. Note: use (cid:272)ases to defi(cid:374)e te(cid:396)(cid:373)s i(cid:374) statuto(cid:396)(cid:455) duties use (cid:272)ases fo(cid:396) (cid:271)oth. Asic enforcement: asic has a range of powers to enforce the ca, only asic enforces criminal breaches of act. Civil penalty provisions: asic applies to court for a declaration of contravention, civil standard of proof, rules of evidence and procedure. Include: directors duties s. 180-183, breach of chapter 2e. Court can make the following orders on asic"s application: s. 1317g. Disqualification order from managing operations: compensation order, company can also apply for compensation even if asic doesn"t take action. Civil breaches can be forgiven (exonerated) by the court: ci(cid:448)il pe(cid:374)alties s. 1317s, civil liability (e. g. ) ge(cid:374)e(cid:396)al la(cid:449) dut(cid:455) (cid:271)(cid:396)ea(cid:272)hes s. 1318.