BLAW20001 Lecture Notes - Lecture 13: Trading While Insolvent, Civil Penalty, Share Capital
7 Sep 2018
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Who enforces the duties: statutory duties: enforced by asic, company compensation remedy, general law duties: enforced by company. A member can bring an action if directors are involved: members: may have separate statutory remedies. Prescribed o ences do not have their own speci c penalty. Penalty to be paid is 5 penalty units. 1 penalty unit = : if not a prescribed o ence, penalty must be imposed by the court, penalty imposed by court, schedule 3: contains speci c penalties for certain sections of the ca. Breach of ch 2j (capital maintenance: asic applies to court for a declaration of contravention, civil standard of proof (balance of probabilities) rules of evidence and procedure, asic can apply to court for: Pecuniary penalty up to ,000 s 1317g. Compensation order s 1317h: company can apply to court for: S 181-183 director duties - criminal equivalent if reckless or intentionally dishonest s 184.
