Australia Leading Case corporate groupbest interestscreditors interestsinter company loans

Walker v Wimborne

[1976] HCA 7; (1976) 137 CLR 1

JurisdictionAustralia

CourtHigh Court of Australia

Year1976

StatusBinding authority

Key Principle

Directors of a company in a group must act in the interests of that company as a separate legal entity and, in discharging their duty to the company, must take account of the interests of its creditors; group convenience is no defence to inter-company asset shuffling.

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

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

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