Question: 3 please refer to attachment b asic wins case...
3) Please refer to “Attachment B” – “ASIC wins case against Centro directors” and answer the following questions:
In this case, which was the hearing at first instance, the court determined that the directors had committed a major breach of duty in relation to the omission of certain contingent liabilities from the company accounts.
b) With reference to at least one statutory provision, identify two (2) parties who the directors had argued in their defence that they were entitled to rely upon and what was their justification for doing so.
4) Please refer to “Attachment C” – which commences with the words “Master Chef star George Calombaris’ food empire will be liquidated” and answer the following questions:
a) With reference to the concept of Voluntary Administration, summarize the facts of the article in no more than 6 – 8 lines.