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Posted: July 13th, 2022
Corporations Act Assignment | Homework For You
You are a senior analyst working for the Australian Securities and Investments Commission (ASIC). Part of your role involves investigating possible breaches of directors’ duties, and you have been made aware of ME Enterprises Pty Ltd. Liam and Peta are the shareholders and directors of ME Enterprises Pty Ltd. Peta is actively involved in the day-to-day running of the company. She spends most of her time marketing and growing the business. She relies on the company’s employees to pay creditors on time. Liam is a non-executive director.
Every quarter Liam and Peta meet to review the financial position of the company. A simple balance sheet is prepared by an employee but Liam and Peter generally don’t ask any questions about the contents of the balance sheet. In May 2017, Peta started receiving angry calls from her suppliers claiming they had not been paid. She instructed her staff to prioritise paying the suppliers that were critical to the business, and delay paying those that were not. In June 2017, ME Enterprises Pty Ltd received a notice from the Australian Taxation Office demanding payment of unpaid company taxes.
However, Liam and Peta did not pay the outstanding taxes and made no changes to company expenditure. ME Enterprises Pty Ltd continued to operate until the end of June 2017. The balance sheet prepared for the end of June 2017 showed that current liabilities exceeded current assets. You discover that Liam was unaware of these events occurring in May and June 2017 because he had been diagnosed with cancer and was undergoing treatment at the time.
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REQUIRED: a) With reference to relevant provisions of the Corporations Act, and relevant case law, advise your manager about whether there are grounds for ASIC to bring civil or criminal action against Liam and Peta. Do not consider action under section 180 of the Corporations Act. (10 marks)
b) If ASIC’s prosecutions team decides to pursue action against Liam and Peta, what penalties could ASIC seek from the court? Business Law Assignment: I need help writing a research paper.
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