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Opening the Door for Unsecured Creditors in Australia: The Water Wheel Holdings Collapse

By Demetra Arsalidou

Abstract

Explains the liability imposed on directors of companies for insolvent trading in Australia under the Corporations Law 1991 s.588G, the possible defences and the position in the UK under the Insolvency Act 1986 s.214. Explores the Supreme Court of Victoria's judgment in Australian Securities and Investments Commission v Plymin, concerning an action by the regulator against directors of a failed grain milling company to obtain compensation for unsecured creditors. Considers the implications of the decision in possibly paving the way for unsecured creditors to recover losses from directors following corporate collapses, despite having entered into a deed of company arrangement

Topics: K1
Publisher: Sweet & Maxwell
Year: 2003
OAI identifier: oai:http://orca.cf.ac.uk:25780
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