The regulation of company directors remains a topical issue in Australia. Concern has been raised that all too often direct liability is being imposed on company directors as a first option. Over-regulation has the potential to stifle entrepreneurial risk taking at a time of great economic...

The Global Financial Crisis has shone a bright light on the efficacy and scope of Australia's corporate and financial regulatory system. The past year has seen several significant changes introduced, many of which have given more power and responsibility to Australia's corporate regulator ASIC....

One of the benefits of voluntary administration under Pt 5.3A of the Corporations Act 2001 (Cth) is that it allows for a smooth transition from administration to a creditors' voluntary liquidation, particularly when the company cannot be returned to profitability by either the period of...

This article examines the scope of the principle in Smith, Stone and Knight that the corporate veil may be lifted on the basis of an implied agency between group companies. It argues that, on a proper assessment of the weight of judicial authority in Australia, the six criteria used in Smith,...

The threat of personal liability for insolvent trading is often cited as a limitation on Australia developing a thriving culture of business restructuring and turnaround. Despite several prior calls from the business community to reform Australia's draconian insolvent trading laws, previous...

The statutory business judgment rule was introduced in Australia in 2000 after a lengthy process of consultation and debate. The rule was aimed at alleviating fears that directors may have that their commercial decisions made in good faith and for the benefit of the company would be subject to...

The conventional view of corporate regulation is that corporations are to be managed for the benefit of their shareholders. The general law and statutory duties of directors and officers reflect this quot;shareholder primacy norm,quot; with duties formulated to prevent directors acting otherwise...

Public sector balance sheets (PSBS) provide a framework for comprehensive and deepanalysis of fiscal risks and policies. To illustrate these benefits, this paper shows how PSBSanalysis can be applied to assess risks to Indonesia's public sector stemming from its publiccorporations. The paper...