Recent amendment to section 197- is it acceptable?

Thai, Lang 2006, Recent amendment to section 197- is it acceptable?, Insolvency law journal, vol. 14, no. 1, pp. 22-36.

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Title Recent amendment to section 197- is it acceptable?
Author(s) Thai, Lang
Journal name Insolvency law journal
Volume number 14
Issue number 1
Start page 22
End page 36
Publisher Lawbook Co
Place of publication North Ryde, N.S.W
Publication date 2006
ISSN 1039-3293
Summary The majority decided in Hanel v O’Neill that directors of trustee companies
could be held personally liable to discharge the debts incurred by a
company pursuant to s 197(1) of the Corporations Act 2001 (Cth). On
18 November 2005, legislation was passed to amend s 197(1); this was to
overturn the decision. This article evaluates other relevant cases and
argues that the recent amendment to s 197 is unsatisfactory as it leaves
potential for abuse by directors of certain trustee companies. The article
suggests further reform to the section and to this end, suggests ways for
s 197 to reconcile with other parts of corporate law, such as insolvent
trading and directors’ duties.
Language eng
Field of Research 180109 Corporations and Associations Law
HERDC Research category C1 Refereed article in a scholarly journal
Copyright notice ©2006, Lawbook co.
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Document type: Journal Article
Collections: Faculty of Business and Law
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