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, the court determined that the directors of this company breached their duty of care & diligence – S 180 - in relation to the omission of certain contingent liabilities from the company accounts.
a) With reference to relevant legislation, briefly explain the nature of the directors’ defence to these charges which they claimed should have led to the charges against them being dismissed.
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:
Identify and briefly explain the following:
a) With reference to the concept of Voluntary Administration, summarize the facts of the article in no more than 6 – 8 lines.