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Corporation Governance - Coursework Example

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Jack, who is a director of Colour Image Pty Ltd is expected to act with reasonable care, skill and diligence and to prevent insolvent trading under s 185 Corporations Act. These are the basic duties of the directors.
The responsibility to stop insolvent trade is encompassed in…
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Corporation Governance
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"Corporation Governance"

Download file to see previous pages Duty only applies to directors not ‘officers’ as with other duties. Under {s 588V Corporations Act} Holding Companies also have a duty to prevent their subsidiaries from trading whilst insolvent’
Firstly under {s 588G(1)(a) Corporations Act}, “the duty is only imposed on directors and NOT officers. However, the definition of ‘directors’ will include shadow and de facto directors. Recall de facto director acts as a director even if they are not validly appointed and shadow director is able to have influence over the board” (Melbourne University Law Students Society Tribunal Service, “Corporations Law”).
Firstly it should be illustrated that only willingly incurred debts for specific amount can bear a charge of insolvent trading {Standard Charter Bank per Hodgson J}, “a company incurs a debt when by its choice it does or omits something which, as a matter of substance and commercial reality, renders it liable for a debt for which it otherwise would not have been liable” (Cassidy, “Concise Corporations Law”)
The defense which Jack can have is that he needs to show the reasonable grounds for his expectations of insolvency at the time the debts were taken. Again he needs to show that he relied on the information provided by others in the management which led to insolvency. Otherwise, he has to validate certain credible reasons for his absence.
Smith and Jones can register under Limited Liability Corporations (LLC). This type of corporations is much in demand nowadays. They are the combination of partnership firm and a corporation. The tax effects are mostly based on that of the partnership firm but other entities is that it shares of the corporations. It is formed by members and not shareholders.
Advantages of a Limited Liability Company can be that LLCs offer personal liability guard for members. The legal procedures to be followed are very simple and lucid. The members can come to agreement on their own terms, ...Download file to see next pagesRead More
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