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The case Sons of Gwalia Ltd v Margaretic ( business law ) - Research Paper Example

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CASE STUDY: Sons of Gwalia Ltd v Margaretic Introduction Authority for the proposition that a properly registered company is a separate legal entity from its owners (the shareholders) and the managers, directors and executive officers is Salomon v Salomon & Co Ltd (Salomon)…
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The case Sons of Gwalia Ltd v Margaretic ( business law )
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"The case Sons of Gwalia Ltd v Margaretic ( business law )"

Download file to see previous pages First corporate legislation was created in 1862, since then corporate legislation has undergone and is undergoing through some dramatic, and other changes which are less dramatic but do bring effect over the corporate practices. Thus, social, legal and economic climate has since the first private corporation legislation, has been changed. Now, it has become different and Australian Securities and Investments Commission has recognized the requirement and need for the consumers’ confidence in the market, so that they could more informed and confident about the investment decision they would be undertaking. This change in ASIC commission behavior did not occurred by itself, the main cause and event behind this changing of character and care for the investors became when Australian Government started the active campaign for improving business opportunities and business investment in the country. Luka Margaretic, shareholder of “Sons of Gwalia Ltd” which is publicly listed company on Australian Stock Exchange, filed a legal process against the company demanding claims for damages caused by loss of the stock values of “Sons of Gwalia Ltd” gold mining company. ...
This false claim of company gold reserves was making it problematic and challenging for the company to supply gold to their customers with whom they hard contractual agreement of the then fixed gold prices. Due to rise in gold prices and insufficient availability of gold stock in company reserves caused share price to drop substantially, thus providing reason to Luka Margaretic to file a lawsuit claiming damages. In order for capital markets to operate efficiently, market investors are required to possess accurate information and detail about the companies which are offering trade on the market. Therefore, Australian corporate laws have generated a surplus of corporate disclosure requirements which ensure that price-sensitive information, information which can have effect over the prices of the stock values of the company. These obligations include. Continuous Disclosure Transaction-specific disclosure obligation These rules are formulated by disclosure laws which are enforceable by a range of public and private preparations. However, this creation of private preparations to avoid the problems often can result the tension between prioritizing the parties involved. Though, the law has set off systems which favor, unsecured creditors over the members of the company, thus undermining the investment of the shareholder. Numerous decisions have been examined and the scope of the rules which are subordinated claims to become insolvency. The pinnacle of the development has been the sculptures misrepresentation which induced the purchase of the shares which had occurred in the secondary market; these were then forbidden and not allowed over the secondary market. Protections in Corporate Law for Creditors Corporate law provides numerous ...Download file to see next pagesRead More
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