Facts ASIC commenced proceedings against several directors of One Tel Ltd for breach of statutory duties. One Tel went into liquidation in 2001. Two of these directors were Mr Rich and Mr Greaves. Rich was an executive director. Greaves was […]
Tag: directors duties
ASIC v Adler (2002) 41 ACSR 72
Facts In June 2000, HIH Insurance (HIH) paid $10 million for a unit in a trust which was controlled by Mr Adler. Mr Adler was, at the time, a non-executive director of HIH. Adler controlled the trust through Adler Corp […]
Boardman v Phipps [1967] 2 AC 46
Facts Tom Boardman was a solicitor for a family trust. The trust assets include a 27% holding in a textile company called Lexter & Harris. Boardman had concerns about the state of Lexter & Harris’ accounts and thought that, in […]
Transvaal Lands Co v New Belgium (Transvaal) Lands & Development CO [1914] 2 Ch 488
Facts Transvaal Lands Co (Transvaal) was a company which was also involved with New Belgium. Two of Transvaal’s directors, Samuel and Harvey, were also shareholders of New Belgium. Samuel was also a director of New Belgium. Samuel and Harvey convinced […]
Regal (Hastings) Ltd v Gulliver [1942] UKHL 1
Facts Regal (Hastings) Ltd (Regal) owned a cinema. Regal took out leases on two more cinemas, through a new subsidiary (Hastings Amalgamated Cinemas Ltd), in order to create a viable sale package. The landlord wanted personal guarantees from the directors. […]
Whitlam v ASIC (2003) 57 NSWLR 559
Facts Mr Whitlam was the chair of a members’ meeting of the National Roads and Motorists’ Association (NRMA). There had been to that point a dispute between various membership factions. This discontent mainly originated from the NRMA’s poor financial performance. […]
ASIC v Vizard (2005)145 FCR 57
Facts Vizard was a non-executive director of Telstra. While a director, Vizard accessed information from board meetings and internal briefing documents. These documents outlined a strategy of acquisition of certain information technology firms. Vizard created a family trust which was […]
Mills v Mills (1938) 60 CLR 150
Facts The directors of Charles Mills (Uardry) Ltd (CM Ltd) passed a resolution to increase the voting power of the managing director. This was done by providing CM Ltd’s divided distribution to be by way of bonus shares to ordinary […]
Kinsela v Russell Kinsela Pty Ltd (in liq) (1986) 4 NSWLR 722
Facts The Kinsela family operated a funeral business through a company; Russell Kinsela Pty Ltd (Russell Kinsela). This had been incorporated in 1953. Russell Kinsela held insurance to cover the cost of funeral services. When a new insurance statute (the […]
Shafron v ASIC (20120) 88 ACSR 126
Facts This was part of the complex set of James Hardie Industries litigation. Peter Shafron performed the dual role of co-company secretary and group general counsel Shafron was an officer of the company due to being a company secretary. Shafron […]