cristobaleri47812Lv1

7 Feb 2023

Travis is a director of The Bees Pty Ltd. Travis also sits on the board of a large multi-national company, The Butterflies United Ltd, as a non-executive director. Travis is in significant personal debt. A financial trader tells Travis that he can make a lot of money if he uses his position as a director to gain access to the company cheques, forge a loan from The Butterflies United Ltd, and then use this money to buy shares in The Butterflies United Ltd. Travis follows this advice, and within one week returns enough money to discharge all his personal debts. Travis then sells the shares and pays back the total amount loaned from The Butterflies United Ltd. After a few weeks, Travis meets with John who works for another large company, The Bumblebees United Ltd. John pays Travis a large sum of money in exchange for The Butterflies United Ltd's business secrets.

 

Please explain whether Travis has acted in accordance with his duties. Please support your answer by the relevant authorities (ie, case law and legislation).