Australia Leading Case creditors interestsduty contentto whom owed

Spies v The Queen

[2000] HCA 43; (2000) 201 CLR 603

JurisdictionAustralia

CourtHigh Court of Australia

Year2000

StatusBinding authority

Key Principle

Directors do not owe an independent, directly enforceable fiduciary duty to creditors; their duty is owed to the company, though in conditions of insolvency or doubtful solvency the company's interests require directors to consider creditors' interests.

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

ASIC v Plymin (Water Wheel) / Elliott v ASIC [2003] VSC 123; (2003) 46 ACSR 126

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

Ask CommonBench about this case

Get a detailed analysis of Spies v The Queen and how it applies to your situation.

Explain Spies v The Queen