Court examined derivative action under s.216A of the Companies Act, applying good faith and prima facie interests of the company requirements.
company
A company secretary is an 'officer' under the Corporations Act and owes a duty of care and diligence under s 180 in performing their functions.
Directors of an insolvent company owe duties to creditors, and bank claims may be subordinated where unconscionable conduct is established in dealings with the insolvent company.
The standard of care under s 180 of the Corporations Act is that of a reasonable person in the director's position, having regard to the corporation's circumstances and the director's office.
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