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Corporate Law

Corporate Law

Section One: The ICE Ltd case

Question 1: Advise the new directors of ICE whether its former directors breached any of their duties based on the facts stated above. Your advice must be made in relation to each of the former directors.

Response

a. Issue
The legal issue is to determine whether Cathy, Abbey, Bob and David have each breached any of their duties as directors of ICE Ltd.

b. Law (Rule)
Providing the new directors at ICE Ltd with an informed advise on how to deal with the former directors requires an intensive analysis of the corporations law in Australia. In particular, it is important to focus on three sources of company law in Australia- the statute under the Corporations Act 2001 (commonwealth), the common law (case laws) and the constitution of the specific company. Given that the company has not provided its constitution as a source of legal advice required by the directors, it is necessary to focus on the Corporations Act and the common law. The main idea is to focus on legal requirements of directors and the duties of a person in the capacity of a company director. The purpose of focusing on director’s duties in the Australian law of companies is to ensure that directors or individuals acting in the capacity of company director act within the interests of the company. It also aims at promoting good governance by making sure that such individuals acting in the capacity of a director put the interest of the company first.

In the ICE Ltd case, the situation requires an analysis of the Corporations Act 2001 to determine whether the four individuals breached their duties. Under Corporations Act 2001,

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Category: Sample Questions