Directors of James Hardie's special purpose committee breached their duty of care by approving a misleading ASX announcement about asbestos compensation funding.
Commercial and Corporations Law
Directors have a non-delegable duty under s.180 Corporations Act to read, understand and apply their minds to the company's financial statements before signing them.
Shareholders with misleading-conduct claims against an insolvent company are not subordinated to ordinary creditors and rank equally with them in the winding-up.
A bank taking a guarantee from a spouse surety is fixed with constructive notice of undue influence where it fails to ensure the surety received independent advice.
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