Australia Leading Case s588Gindiciacivil penalty

ASIC v Plymin (Water Wheel) / Elliott v ASIC

[2003] VSC 123; (2003) 46 ACSR 126

JurisdictionAustralia

CourtSupreme Court of Victoria (Mandie J); appeal Court of Appeal of Victoria

Year2003

StatusPersuasive authority

Key Principle

A director contravenes s 588G by failing to prevent a company incurring debts while insolvent where there were reasonable grounds to suspect insolvency; insolvency is assessed against a non-exhaustive list of practical 'indicia of insolvency'.

Area of Law

Company, Insolvency & Banking

Related Cases

ASIC v Citigroup Global Markets Australia Pty Ltd (No 4) [2007] FCA 963; (2007) 160 FCR 35

Spies v The Queen [2000] HCA 43; (2000) 201 CLR 603

Briggs v James Hardie & Co Pty Ltd (1989) 16 NSWLR 549

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