Insolvent trading and fraudulent trading in Australia : regulation and context 9780409343922, 0409343927

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John Gooley dedicates this book to his wife, Sylvia, and to his mother, Doreen. Mitchell Gooley dedicates this book to his partner, Sandra. Both authors would also like to acknowledge the encouragement and support from the other members of their family, particularly Nathan, Toni, Andrew, Kim and Liam.

INSOLVENT TRADING AND FRAUDULENT TRADING IN AUSTRALIA REGULATION AND CONTEXT John Gooley BA LLM (Hons) (Syd), Dip Ed (SCAE)

Mitchell Gooley BCA LLB (Wollongong), GDLP (ANU) LexisNexis Butterworths Australia 2016



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Creator: Title: ISBN: Notes: Subjects: Other Creators/Contributors: Dewey Number:

Gooley, J. V. (John V.), author. Insolvent trading and fraudulent trading in Australia: regulation and context. 9780409343915 (pbk). 9780409343922 (ebk). Includes index. Bankruptcy—Australia. Corporation law— Australia. Fraud—Law and legislation— Australia. Stocks—Law and legislation— Australia. Gooley, Mitchell, author. 346.940078

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PREFACE The incurring of debts by companies in circumstances of insolvency is a situation which has attracted extensive commentary and legislative reaction. Initially, legislators saw the need to regulate fraudulent conduct by persons in carrying on any business of the company and, to that end, enacted legislation which imposed both civil and criminal consequences in cases of proven breach. Later, that regulatory conduct was broadened in order to cover a form of illegitimate trading in circumstances where a company was insolvent, but where the company’s business had not been carried on with intent to defraud, or for any fraudulent purpose. That particular trading, known in Australia as insolvent trading, originally attracted criminal liability only. Subsequently, the consequences were expanded so as to render persons, who had been criminally convicted, liable without limit for payment of the whole, or any part, of debts incurred in breach of the particular legislation. Importantly, the regulation of insolvent trading had application to company directors who had not acted fraudulently but who may have been reckless in their dealings with creditors of the company. These legislative developments are particularly important in corporate law. The decision to regulate fraudulent conduct in the way contained in s 592(6) of the Corporations Act is not controversial, and accords with general public policy regulating deceitful and/or fraudulent acts. However, the expansion of the regulatory regime to deal with insolvent trading, in circumstances where there is no suggestion of fraudulent intent or deceit by those acting on behalf of or as the corporate entity when incurring a debt, opens up a legitimate line of inquiry centring

upon the appropriate boundaries to be placed upon entrepreneurial risk-taking. This is particularly so in the context of where a creditor has dealt with a corporate entity which has incurred a debt. To what extent should legislators provide a statutory remedy to such creditors in circumstances where the conduct involves the incurring of a debt between the company and a creditor? In relation to the regulation of insolvent trading, the objectives behind such regulation are examined together with the way both state and Commonwealth legislators have chosen to curb entrepreneurial risk-taking thereby restricting reliance on the separate corporate legal entity. To this end, the methodology chosen is to examine the notion of limited liability in its application to companies and to analyse the enhanced duties that have been imposed on directors. This analysis then provides the background setting for the operation of the applicable legislation which regulates insolvent trading. The aim of this book is to explore the historical and current provisions which have regulated and which regulate both fraudulent trading and insolvent trading in Australia. This exploration will include an examination of the consequences, including available statutory remedies in cases where there is proven breach. Further, although emphasis will be placed upon the provisions applicable to companies in Australia, a comparison is also offered in the context of the relevant regulatory provisions relating to incorporated non-profit associations and co-operatives. As part of this analysis, an examination is also made of the courts’ consideration of those provisions amid heightened community expectations in relation to appropriate corporate behaviour in circumstances of corporate insolvency. In addition, reflection on similar overseas regulatory provisions and the judicial interpretation of those provisions is given. Finally, as at the time of writing, further changes to the regulations have been foreshadowed. These proposals have been referred to in Chapter 10.

Both the authors would like to thank their family for their support and encouragement throughout this project. In particular John would like to thank his wife Sylvia, who assisted with much of the administration associated with this book. Mitchell would like to thank his partner Sandra, whose love and support made the task of co-authoring this book far less daunting. In addition, we would like to thank Georgina Gordon, our commissioning editor from LexisNexis Butterworths, for her suggestions, assistance, professionalism and encouragement. We are similarly indebted to Pamela O’Neill, our former commissioning editor who effectively made this work happen. In addition, we give a special thanks to Annabel Adair, our editor. Once again Annabel’s attention to detail, her suggestions, tireless work ethic and professional attitude all contributed immensely to the production of this work. We would also like to thank the rest of the production team. The law is stated as far as possible as at 1 September 2016. John Gooley and Mitchell Gooley September 2016

TABLE OF CASES References are to paragraph numbers 3M Australia Pty Ltd v Kemish (1986) 10 ACLR 371; 4 ACLC 185 …. 4.82, 4.101, 4.109, 4.116, 4.118, 4.120, 4.122, 4.126, 4.183, 4.185, 4.187, 4.192, 4.210, 5.35, 5.184, 5.250, 5.275, 5.297, 6.44, 6.46, 6.47 — v Watt; NEC Home Electronics Australia Pty Ltd v White (1985) 3 ACLC 324; (1984) 2 ACLC 621 …. 1.16, 4.14, 4.89, 4.204, 5.122 67 Budd Street Pty Ltd, Re v Commonwealth (1984) 2 ACLC 190 …. 3.32 A Aberdeen Railway Co v Blaikie Bros (1854) 1 Macq 461 …. 3.70, 3.71, 3.90, 3.91 Abraham v Tunalex Pty Ltd (1987) 5 ACLC 888 …. 3.81 Adams v Cape Industries plc [1990] Ch 433 …. 2.31, 2.35, 2.39 Adey v Arnold (1852) 2 De GM & G 432; 42 ER 940 …. 5.141, 5.186 Adnot Pty Ltd, Re (1982) 7 ACLR 212 …. 5.228 Advance Bank Australia Ltd v FAI Insurances Ltd (1987) 5 ACLC 725 …. 3.131 Aequitas Ltd v Sparad No 100 Ltd (formerly Australian European Finance Corp Ltd) (2001) 19 ACLC 1006 …. 3.69 Ailakis v Olivero (No 2) (2014) 100 ACSR 524 …. 3.17 Ajayi v Briscoe; State Rail Authority of New South Wales v Heath Outdoor Pty Ltd (1976) 7 NSWLR 170 …. 4.131 Akai Pty Ltd (in liq) v Ho (2006) 57 ACSR 456 …. 8.9

Aktieselskabet Dansk Skibsfinansiering v Wheelock Marden & Co (CA Hong Kong, 17 November 1994, unreported) …. 5.61 Allen v Atalay (1993) 12 ACLC 7 …. 3.38 — v Gold Reefs of West Africa Ltd [1900] 1 Ch 656 …. 3.69 — v Hyatt (1914) 30 TLR 444 …. 3.20 Al-Shennag v Statewide Roads Ltd [2008] NSWCA 300 …. 2.43 Aluminium Industrie Vaassen BV v Romalpa Aluminium Ltd [1976] 1 WLR 676 …. 1.2 Amalgamated Investment & Property Co Ltd (in liq) v Texas Commerce International Bank Ltd [1982] QB 84 …. 2.39 Andrews v Queensland Racing Ltd (2010) 74 ACSR 538 …. 8.44 Androvin Pty Ltd v Figliomeni (1994) 14 WAR 11 …. 6.8, 6.28 — v — (1996) 17 WAR 177; 134 FLR 133 …. 6.8, 6.28 Angas Law Services Pty Ltd (in liq) v Carabelas (2005) 226 CLR 507; 53 ACSR 208 …. 8.44 Applecross Pty Ltd (ARBN 079 372 722) v Lim [2009] FCA 1102 …. 5.214 Armour, Re; Ex parte Official Receiver v Commonwealth Trading Bank (1956) 18 ABC 69 …. 5.227 Ashington Bayswater Pty Ltd (in liq), Re [2013] NSWSC 1008 …. 5.257 Augustus Barnett & Son Ltd, Re [1986] BCLC 170 …. 14.39, 14.48, 14.57, 16.34 Austin v Austin (1906) 3 CLR 516 …. 3.56 Austin & Partners Pty Ltd v Spencer (NSWSC, 1 December 1998, unreported) …. 5.47 Australasian Centre for Corporate Responsibility v Commonwealth Bank of Australia [2016] FCAFC 80 …. 5.11, 5.23, 5.24

Australian Beverage Distributors Pty Ltd v The Redrock Co Pty Ltd (2008) 26 ACLC 74; [2008] NSWSC 3 …. 5.257 Australian Competition and Consumer Commission v Universal Music Australia Pty Ltd (No 2) [2002] FCA 192 …. 8.91 Australian Growth Resources Corp Pty Ltd v Van Reesema (1988) 13 ACLR 261; 6 ACLC 529 …. 1.4, 3.51, 3.87, 12.2 Australian Innovation Ltd v Petrovsky (1996) 21 ACSR 218 …. 3.112 Australian Securities and Investments Commission v ABC Fund Managers (2001) 39 ACSR 443 …. 2.54 — v Adler (2002) 42 ACSR 80; [2002] NSWSC 483 …. 3.67, 3.78, 8.59, 8.92, 8.94, 8.105, 8.106 — v Australian Investors Forum Pty Ltd (No 2) (2005) 53 ACSR 305; [2005] NSWSC 267 …. 3.84 — v — (No 3) (2005) 56 ACSR 204; [2005] NSWSC 1198 …. 8.108 — v Citigroup Global Markets Australia Pty Ltd (No 4) (2007) 160 FCR 35; [2007] FCA 963 …. 3.53 — v Citrofresh International Ltd (2007) 164 FCR 333 …. 5.16 — v — (No 2) [2010] FCA 27 …. 3.120 — v Doyle (2001) 38 ACSR 606; [2001] WASC 187 …. 3.65 — v Edwards (2005) 220 ALR 148; 54 ACSR 583; [2005] NSWSC 831 …. 5.40, 5.43, 5.53, 5.204, 5.220, 5.287 — v — (No 3) (2006) 57 ACSR 209; [2006] NSWSR 376 …. 3.67, 8.59, 8.93 — v Elm Financial Services Pty Ltd (2005) 55 ACSR 411; [2005] NSWSC 1020 …. 8.90 — v Healey (2011) 83 ACSR 484; [2011] FCA 717 …. 8.82 — v — (No 2) (2011) 196 FCR 430; 85 ACSR 654; [2011] FCA 1003 …. 6.76, 8.53, 8.58 — v Fortescue Metals Group Ltd (2011) 274 ALR 731; 81 ACSR 563 ….

3.123 — v Healey [2011] FCA 717 …. 3.103, 3.107, 3.109, 3.110, 3.112 — v Lindberg (2012) 91 ACSR 640 …. 3.110 — v Loiterton (2004) 50 ACSR 693; [2004] NSWSC 897 …. 8.106 — v — [2004] NSWSC 172 …. 3.116 — v MacDonald (No 12) (2009) 73 ACSR 638 …. 3.67 — v Maxwell (2006) 59 ACSR 373; [2006] NSWSC 1052 …. 3.19, 3.65, 3.101, 8.44 — v Murdaca (2008) 68 ACSR 66; [2008] FCA 1399 …. 5.56, 5.97 — v Plymin (No 1) (2003) 175 FLR 124; 46 ACSR 126; 21 ACLC 700; [2003] VSC 123 …. 5.37, 5.39, 5.195, 5.203, 5.229, 5.230, 5.232, 5.238, 5.240, 5.243, 5.245, 5.246, 5.249, 5.254, 5.258, 5.259, 5.293, 6.53 — v — (No 2) (2003) 21 ACLC 1237 …. 8.74 — v Rich (2003) 44 ACSR 341; [2003] NSWSC 85 …. 3.105, 3.110, 3.111, 3.116 — v — (2003) 45 ACSR 305; [2003] NSWSC 328 …. 8.77, 8.112 — v — (2004) 50 ACSR 500; [2004] NSWSC 836 …. 8.90 — v — (2009) 236 FLR 1; 75 ACSR 1; [2009] NSWSC 1229 …. 3.6, 3.58, 3.102, 3.104, 3.106, 3.107, 3.108, 3.109, 3.110, 3.111, 3.115, 3.116, 3.121, 3.123 — v Somerville (2009) 259 ALR 574; [2009] NSWSC 934 …. 3.78, 3.139, 3.147, 3.149, 3.151 — v Vines (2003) 48 ACSR 322; [2003] NSWSC 1116 …. 3.105, 3.108, 3.113 — v — (2005) 55 ACSR 617; [2005] NSWSC 738 …. 3.103, 3.108, 3.110, 3.114 — v — (2005) 65 NSWLR 281; 56 ACSR 528; [2005] NSWSC 1349 …. 3.67, 8.59, 8.73 — v Warrenmang Ltd (2007) 63 ACSR 623; [2007] FCA 973 …. 3.101,

8.114 Australian Securities Commission v AS Nominees (1995) 133 ALR 1; 18 ACSR 459; 13 ACLC 1822; [1995] FCA 1663…. 2.54, 5.78, 5.99, 5.102, 5.103, 5.104, 5.105, 5.110 — v Edwards [2006] NSWSC 376 …. 8.62, 8.93 — v Fairlie (1993) 11 ACLC 669 …. 5.270 — v Forem-Freeway Enterprises Pty Ltd (1999) 30 ACSR 339 …. 3.67, 8.60, 8.94, 8.107 — v Gallagher (1993) 10 ACSR 43; 11 ACLC 286 …. 3.112, 3.117, 3.118 — v Marlborough Gold Mines Ltd (1993) 177 CLR 485; [1993] HCA 15 …. 5.202 — v Snellgrove (1992) 59 SASR 98 …. 6.28 — v Spencer (1997) 25 ACSR 143 …. 8.94 Automatic Self-Cleansing Filter Syndicate Company Ltd v Cuninghame [1906] 2 Ch 34 …. 5.24, 5.25 AWA Ltd v Daniels t/a Deloitte Haskins & Sells (1992) 7 ACSR 759 …. 3.3, 3.59 B Bamford v Bamford [1970] Ch 212 …. 8.45, 8.48, 8.49 Bank of Australasia v Hall (1907) 4 CLR 1514; [1907] HCA 78 …. 5.230, 5.235, 5.236, 5.238, 5.258 Bank of China v Hawkins (1991) 7 ACSR 262 …. 5.192 Bank of India v Morris [2004] EWHC (Ch) 528 …. 14.25 Banque Arabe Et Internationale d’Investissement SA v Morris [2001] 1 BCLC 263 …. 14.57 Bans Pty Ltd v Ling (1995) 16 ACSR 404; 13 ACLC 524; [1995] ANZ ConvR 554; (1995) NSW ConvR 55-739 …. 5.195, 5.215 Barcelona Traction, Light and Power Co Ltd, Re [1970] ICJ 3 …. 2.27

Barnes v Addy (1874) LR 9 Ch App 244 …. 3.54, 3.174 Bay v Illawarra Stationery Supplies Pty Ltd (1986) 4 ACLC 429 …. 2.46 Bay Marine Pty Ltd v Clayton Properties Pty Ltd (1985) 3 ACLC 16 …. 8.50 Beach Petroleum NL v Abbott Tout (1999) 48 NSWLR 1; [1999] NSWCA 408 …. 3.177 — v Johnson (1993) 11 ACSR 103; [1993] FCA 283 …. 5.63, 5.73 Beckwith, Re; Ex parte Power and Power (1993) 43 FCR 256 …. 5.195 Bell Group Ltd (in liq) v Westpac Banking Corp (No 9) (2008) 39 WAR 1; 70 ACSR 1; [2008] WASC 239 …. 1.13, 3.58, 3.61, 3.62, 3.63, 3.69, 3.107, 3.126, 3.127, 3.128, 3.129, 3.136, 5.22, 5.230, 5.243, 5.245 Bell IXL Investments Ltd v Life Therapeutics Ltd (2008) 68 ACSR 154; [2008] FCA 1457 …. 3.78, 3.85, 3.146 Bentley Smythe Pty Ltd v Anton Fabrications (NSW) Pty Ltd (2011) 248 FLR 384; [2011] NSWSC 186 …. 5.233 Biala Pty Ltd v Mallina Holdings Ltd (1994) 15 ACSR 1 …. 3.112 Birtchnell v Equity Trustees, Executors & Agency Co Ltd (1929) 42 CLR 384; [1929] HCA 24 …. 3.55 BL Lange & Co v Bird (1991) 4 ACSR 715; 9 ACLC 1015 …. 4.89, 4.187, 5.169, 5.183 Bluebird Investments Pty Ltd v Graf (1994) 13 ACSR 271; 12 ACLC 724 …. 7.12 Bluecorp Pty Ltd (in liq) formerly Lloyds Ships Holdings Pty Ltd (in liq) v ANZ Executors & Trustee Co Ltd (1994) 13 ACSR 386 …. 5.102 Bluestone Property Services (in liq) v First Equilibrium Pty Ltd [2013] FCA 876 …. 5.232, 5.246, 5.249 Boardman v Phipps [1966] UKHL 2; [1967] 2 AC 46 …. 3.23, 3.89, 3.91, 3.92, 3.94, 3.95, 3.182

Bolton, Re; Ex parte Beane (1987) 162 CLR 514; [1987] HCA 12 …. 5.152 Box Valley Pty Ltd v Kidd (2006) 24 ACLC 471; [2006] NSWCA 26 …. 5.127, 5.149, 5.153, 5.169, 5.173, 5.177, 5.284, 8.32, 8.37 Bradfield v Federal Commissioner of Taxation (1924) 34 CLR 1 …. 5.90 Brady v Brady [1988] BCLC 20; [1988] 3 BCC 535 …. 3.40, 3.43, 3.44 Bray v Ford [1896] AC 44 …. 3.70, 3.89, 3.91 Brazilian Rubber Plantations & Plantations and Estates Ltd, Re [1911] 1 Ch 425 …. 3.3, 3.59 Breen v Williams (1996) 186 CLR 71 …. 3.50, 3.69, 3.177 Brian D Pierson (Contractors) Ltd, Re [1999] BCC 26 …. 11.19 Brickenden v London Loan & Savings Co [1934] 3 DLR 465 …. 3.178 Briggs v James Hardie & Co Pty Ltd (1989) 16 NSWLR 549; 7 ACLC 841 …. 2.4, 2.38, 2.42, 2.43 Brighton Coal Mines Ltd (in liq), Re [1944] NZLR 275 …. 16.33 Briginshaw v Briginshaw (1938) 60 CLR 336; [1938] HCA 34 …. 3.169, 5.38, 5.39 Bristol & West Building Society v Mothew [1998] Ch 1 …. 3.66 Broadcasting Station 2GB Pty Ltd, Re [1964-1965] NSWR 1648 …. 3.76 Broderip v Salomon [1895] 2 Ch 323 …. 2.6 Broken Hill Proprietary Co Ltd v Bell Resources Ltd (1984) 8 ACLR 609; 2 ACLC 157 …. 3.38 Brooker v Friend & Brooker Pty Ltd [2006] NSWCA 385 …. 2.53, 2.55 Brunninghausen v Glavanics (1999) 46 NSWLR 538; 32 ACSR 294; [1999] NSWCA 199 …. 3.19, 3.20, 3.22, 3.23, 3.24, 3.25, 3.26, 3.27, 5.15 Bulfin v Bebarfalds Ltd (1938) 38 SR (NSW) 423 …. 3.25

Bush v Wright; O’Connor v Wright; Dunn v Wright (1985) 3 ACLC 311 …. 4.45, 4.59, 4.60, 4.62, 4.63, 9.15 Buzzle Operations Pty Ltd (in liq) v Apple Computer Australia Pty Ltd (2010) 238 FLR 384; 77 ACSR 410; [2010] NSWSC 233 …. 5.46, 5.52, 5.53, 5.103, 5.105, 6.43 — v — (2011) 82 ACSR 703; [2011] NSWCA 109 …. 5.56, 5.65, 5.83, 5.104, 5.106 Byrne v Baker [1964] VR 443 …. 3.3 Byron v Southern Star Group Pty Ltd (1996) 22 ACSR 553; 136 FLR 267 …. 6.8, 6.73 C Calzaturificio Zenith Pty Ltd (in liq) v NSW Leather and Trading Co Pty Ltd [1970] VR 605 …. 5.256 Cameron v Hogan (1934) 51 CLR 358 …. 9.5 Campbell Street Theatre Pty Ltd (rec and mgr apptd) (in liq) v Commercial Mortgage Trade Pty Ltd [2012] NSWSC 669 …. 5.230, 5.233, 5.241, 5.243, 5.244, 5.245 Canada Steamship Lines Ltd v R [1952] AC 192 …. 2.18 Canberra Residential Developments Pty Ltd v Brendas (No 5) [2009] FCA 34 …. 3.49, 3.54, 3.176, 3.181 Cannane v J Cannane Pty Ltd (in liq) (1998) 192 CLR 557 …. 16.25, 16.27, 16.29, 16.45 Capricorn Society Ltd v Linke (1995) 17 ACSR 101 …. 6.28, 6.58 Cardiff Savings Bank (Marquis of Bute’s Case), Re [1892] 2 Ch 100 …. 3.60 Carlton Cricket and Football Social Club v Joseph [1970] VR 487 …. 9.3 Carmen v The Cronos Group SA [2005] EWHD 2403 (Ch) …. 14.70 Carr v Inland Revenue Commissioners [1944] 2 All ER 163 …. 5.89, 5.90, 5.92

— v Resource Equities Ltd (2010) 80 ACSR 247 …. 3.131 Carrello (as liquidator of Perrinepod Pty Ltd (in liq)) v Perrine Architecture Pty Ltd (2016) 112 ACSR 448; [2016] WASC 145 …. 5.36, 5.37, 5.214, 5.223, 5.230, 5.232, 5.249, 5.252, 6.50, 7.18, 7.31 Carrier Air Conditioning Pty Ltd v Kurda (1993) 11 ACSR 247; 10 ACLC 773 …. 5.258, 5.260, 5.275 Cashflow Finance Pty Ltd v Westpac Banking Corp [1999] NSWSC 671 …. 3.112 Castlereagh Motors Ltd v Davies-Roe [1966] 2 NSWR 79 …. 3.155 Castrisios v McManus; McManus v Castrisios (1990) 4 ACSR 1; 9 ACLC 287 …. 4.89, 4.91, 4.101, 4.137, 5.133, 5.135, 5.136, 5.202 CCA v Daff (1975-1976) CLC 28,756 …. 4.101 CCA Systems Pty Ltd v Communications & Peripherals (Aust) Pty Ltd (1989) 15 ACLR 720 …. 4.204 CGU Insurance Ltd v Blakeley [2016] HCA 2 …. 8.29, 8.30 Chameleon Mining NL v Murchison Metals Ltd [2010] FCA 1129 …. 3.58, 3.62, 3.63, 3.114, 5.78 Chan v First Strategic Development Corporations Ltd (in liq) [2015] QCA 28 …. 5.232, 5.241, 5.246, 5.249, 5.252, 5.253, 6.40, 6.45, 6.66 — v Zacharia (1984) 154 CLR 178; 58 ALJR 353; [1984] HCA 36 …. 3.25, 3.91 Chapman, Re [1896] 2 Ch 763 …. 3.56 Chappel v Hart (1998) 195 CLR 232 …. 3.180 Charlton v Baber (2003) 47 ACSR 31; [2003] NSWSC 745 …. 3.22, 3.23, 3.27, 5.15 Chew v R (1991) 4 WAR 21; 5 ACSR 473 …. 3.129 — v — (1992) 173 CLR 626; 7 ACSR 481; 10 ACLC 816; [1992] HCA 18 …. 3.78, 3.141, 3.142, 3.143, 3.144, 3.146 CIC Insurance Ltd v Hannan & Co Pty Ltd (2001) 38 ACSR 245;

[2001] NSWSC 437 …. 2.54 City Equitable Fire Insurance Co Ltd, Re [1925] Ch 407 …. 3.2, 3.3, 3.59, 3.112 Claremont Petroleum NL v Cummings (1992) 10 ACLC 1685; 9 ACSR 1 …. 3.146 Clark Equipment Credit of Australia Ltd v Kiyose Holdings Pty Ltd (1989) 21 NSWLR 160 …. 1.19, 1.20 Clarke v Great Southern Finance Pty Ltd (2011) 80 ACSR 219 …. 2.42 Clements v Bower; Yaxley v Bower; Rouse v Bower (1990) 8 ACLC 178 …. 4.148 Coates v Hardwick (1987) 12 ACLR 657; (1988) 6 ACLC 266…. 4.172 Coleman v Myers [1976] NZHC 5; [1977] 2 NZLR 225 …. 3.20, 3.24, 3.25 — v R (1987) 5 ACLC 766 …. 16.32, 16.43, 16.44 Collie, Re; Ex parte Adamson (1878) 8 Ch D 807 …. 5.141, 5.186 Colorado Products Pty Ltd (in prov liq), Re (2014) 101 ACSR 233 …. 3.74 Commissioner for Corporate Affairs v Bracht (1989) 7 ACLC 40 …. 4.85, 5.35 — v Green [1978] VR 505 …. 3.148 Commissioner of Corporate Affairs v Daff (1975-1976) CLC 40-274 …. 4.28 Commissioner of State Taxation (WA) v Pollock (1993) 11 WAR 64; 12 ACSR 217 …. 5.135, 5.137, 5.195, 5.197, 5.198, 5.202, 5.219 Commissioners of Inland Revenue v Maxse [1919] 1 KB 647 …. 5.90, 5.92 Commonwealth Bank of Australia v Friedrich (1991) 5 ACSR 115; 9 ACLC 946 …. 3.3, 3.67, 3.110, 3.112, 3.116, 4.101, 4.114, 4.119, 4.120, 4.188, 4.189, 4.193, 4.210, 4.211, 4.212, 5.275, 5.278, 5.296, 6.43, 8.59, 8.73

— v Smith (1991) 42 FCR 390; [1991] FCA 375 …. 3.178 Company (No 00709 of 1992), Re a [1997] 2 BCLC 739 …. 2.49 Company (No 005009 of 1987), Re a; Ex parte Copp [1989] BCLC 13 …. 5.97 Concept Constructions Ltd, Re (1976-1977) 2 ACLR 219 …. 1.16, 4.29, 4.36, 4.101, 5.4, 10.3 Consul Development Pty Ltd v DPC Estates Pty Ltd (1975) 132 CLR 373; [1975] HCA 8 …. 3.88, 3.97 Continental Assurance Company of London Plc, Re [2007] 2 BCLC 287; [2001] All ER (D) 229 …. 11.10, 11.21, 11.24, 11.27 Cook v Deeks [1916] 1 AC 554 …. 3.25, 8.50 Cooper & Dysart Pty Ltd v Sargon (1991) 9 ACLC 1073 …. 4.63, 4.64, 9.15 Cooper Brookes (Wollongong) Pty Ltd v Federal Commissioner of Taxation (1981) 147 CLR 297; [1981] HCA 26 …. 9.39 Cope v Butcher (1996) 20 ACSR 37 …. 3.49 Corporate Affairs Commission v Drysdale (1978) 141 CLR 236; 22 ALR 161; 3 ACLR 760; [1978] HCA 52 …. 5.63, 5.67, 5.69, 5.72, 5.101 — v Karounos (1984) 9 ACLR 405 …. 4.39 — v — (1985) 3 ACLC 410 …. 4.120, 5.249, 16.46 — v Papoulias (1990) 20 NSWLR 503 …. 3.67, 8.60 — v Shapowloff (1974) CLC 40-134 …. 4.14, 4.24, 4.89, 4.103, 4.104, 5.126, 5.126, 5.157 Cowan v Scargill [1984] 2 All ER 750 …. 3.56 Crane Distribution Ltd v Yang [2016] NSWSC 620 …. 1.20 Crawley v Short [2009] NSWCA 410 …. 3.28, 5.15 Creasey v Breachwood Motors Ltd (1992) 10 ACLC 3052; [1992] BCC 638 …. 2.34

Credit Corporation Australia Pty Ltd v Atkins (1999) 30 ACSR 727; [1999] FCA 335 …. 5.220, 5.276, 6.28 Crema Pty Ltd v Land Mark Property Development Pty Ltd (2006) 58 ACSR 631; [2006] VSC 338 …. 5.226, 5.228, 5.230, 5.242, 5.245 Crimmins v Glenview Home Units Pty Ltd [2001] NSWSC 699 …. 5.168 Crisp & Gunn Co-operative Ltd v Hobart Corporation (1963) 110 CLR 538; [1963] HCA 55 …. 5.131 Crossman v Taylor (No 3) [2001] FCA 734 …. 2.53, 2.55 Csidei v Anderson [1977] 1 NSWLR 747 …. 5.168 Csomoroe v Public Service Board (1986) 10 NSWLR 587 …. 5.198 CSR Ltd v Wren (1998) Aust Torts Reports 81-461 …. 2.38, 2.43 Cummings v Claremont Petroleum NL (1993) 11 ACLC 125; 9 ACSR 583 …. 3.119, 3.146, 3.156 Currie v Inland Revenue Commission [1921] 2 KB 332 …. 5.89, 5.90 Cuthbertson & Richards Sawmills Pty Ltd v Thomas (1998) 28 ACSR 310 …. 5.258, 5.259 Cyona Distributors Ltd, Re [1967] Ch 889; [1967] 1 All ER 281 …. 14.76, 14.77, 14.79, 14.80, 16.41 D Dairy Containers Ltd v NZI Bank Ltd (1995) 7 NZCLC 260 …. 5.83, 5.111 Dalkeith Investments Pty Ltd, Re (1985) 3 ACLC 74 …. 2.50 Damilock Pty Ltd (in liq), Re v VISA Australia Pty Ltd (2008) 252 ALR 533; [2008] FCA 1801 …. 5.249 Daniels v Anderson (1995) 37 NSWLR 438; 16 ACSR 607 …. 3.61, 3.69, 3.106, 3.110, 3.112, 3.116, 8.54 Darlington Futures Ltd v Delco Australia Pty Ltd (1986) 161 CLR 500 …. 2.18

Darvall v North Sydney Brick & Tile Co Ltd (1988) 6 ACLC 154 …. 3.135 — v — (1989) 16 NSWLR 260; 7 ACLC 659 …. 3.69, 3.82, 3.87, 3.135 David Lambourne Yacht Rigging & Consultancy Pty Ltd v Perry Catamarans Pty Ltd (recs and mgrs apptd) (2006) 58 ACSR 155 …. 8.33, 8.80 Davis v Federal Commissioner of Taxation [1989] 86 ALR 195 …. 6.8 — v Pearce Parking Station Pty Ltd (1954) 91 CLR 642 …. 2.18 Dawson, Re; Union Fidelity Trustee Co Ltd v Perpetual Trustee Co Ltd [1966] 2 NSWR 211; (1966) 84 WN (Pt 1) (NSW) 399; …. 5.141, 5.186 Day-Nite Carriers Ltd (in liq), Re [1975] 1 NZLR 172 …. 16.24 De Rossi v Hamilton (1982) 7 ACLR 40 …. 4.24, 5.126 Deangrove Pty Ltd (recs and mgrs apptd) v Buckby (2006) 56 ACSR 630 …. 3.121 Deputy Commissioner for Corporate Affairs v Abbott (1980) CLC 34,428 …. 4.14, 4.89 — v — (1980) CLC 40-667; ACLC 34,428 …. 4.24, 4.25, 5.119, 5.126, 5.143, 5.168 — v Caratti (1980) ACLC 34,155 …. 4.28 — v — (1980) CLC 40-622 …. 4.31, 4.101 — v — (1980) CLC 40-660 …. 4.30, 4.32, 4.33, 4.101, 5.277 Deputy Commissioner of Taxation v Austin (1998) 28 ACSR 565; 16 ACLC 1555 …. 5.74, 5.75, 5.76 — v Clark (2003) 57 NSWLR 113; 45 ACSR 332; [2003] NSWCA 91 …. 3.113, 10.11 — v Dick (2007) 242 ALR 152; 64 ACSR 61; [2007] NSWCA 190 …. 5.286, 8.58, 8.66, 8.67, 8.68 — v Jackson [2005] VSC 120 …. 5.14

— v Solomon; Deputy Commissioner of Taxation v Muriwai (2003) 199 ALR 325; [2003] NSWCA 62 …. 5.14, 5.75 DHN Food Distributors Ltd v London Borough of Tower Hamlets [1976] 3 All ER 462; [1976] 1 WLR 852 …. 2.39, 2.42 Diamond Hill Mining Pty Ltd v Huang Jin Mining Pty Ltd [2011] VSC 288 …. 3.51, 3.107, 3.146, 3.174 Digital Cinema Network Pty Ltd v Omnilab Media Pty Ltd (No 2) [2011] FCA 509 …. 3.139, 3.147, 3.178, 3.180 Director of Public Prosecutions v Schildkamp [1971] AC 1 …. 13.2, 13.29, 14.13, 14.17, 14.20, 16.14, 16.41 Dixon v Clarke (1848) 5 C B 365; 136 ER 919 …. 5.123 D’Jan of London Ltd, Re [1994] 1 BCLC 561 …. 11.26 DKG Contractors Ltd, Re [1990] BCC 903 …. 11.28 DM Drainage and Construction Pty Ltd v Lewis (1989) 7 ACLC 74 …. 4.60, 4.61, 4.62, 4.63, 4.140, 9.15 Doncon v Doncon (1990) 2 ACSR 385 …. 5.24 Donoghue v Stevenson [1932] AC 562 …. 3.58 Downer EDI Ltd v Gilles (2012) 92 ACSR 373 …. 3.108 Downey v Crawford (2004) 51 ACSR 182; [2004] FCA 1264 …. 3.116 Doyle v ASIC [2005] HCA 78 …. 3.146 Duchess of Kingston’s Case (1776) 168 EngR 175 …. 2.27 Dunn v Shapowloff [1978] 2 NSWLR 235; (1978) 3 ACLR 775; (19771978) CLC 40-451 …. 4.5, 4.10, 4.11, 4.13, 4.15, 4.28, 4.32, 4.89, 4.101, 4.107, 4.117, 4.120, 4.121, 4.125, 5.126, 5.160, 5.162, 5.164, 5.249, 5.260, 6.46, 6.47 E Eagle Pest Services Pty Ltd, Re (1977-1978) 3 ACLR 592 …. 4.38, 4.40, 4.41, 4.42 Ebrahimi v Westbourne Galleries Ltd [1973] AC 360 …. 2.51, 2.56

Edenden v Bignell [2007] NSWSC 1122 …. 8.20 Edge v Pensions Ombudsman [1999] 4 All ER 546 …. 3.56 Edman v Ross (1922) 22 SR (NSW) 351 …. 3.69 Edwards v ASIC (2009) 76 ACSR 369; [2009] NSWCA 424 …. 5.10, 5.118, 5.119, 5.125, 5.130, 5.131, 5.141 El Bell Packaging Pty Ltd v Allied Seafoods Ltd (1990) 8 ACLC 1135 …. 4.142, 4.143, 4.145 Elder’s Trustee and Executor Co Ltd v Higgins (1963) 113 CLR 426 …. 3.56 Elliott v ASIC (2004) 10 VR 369; 205 ALR 594; 185 FLR 245; 48 ACSR 621; 22 ACLC 458; [2004] VSCA 54 …. 5.33, 5.34, 5.295, 6.40, 6.68, 6.73 Emanouel v Cube Footwear Pty Ltd [2013] 2 Qd R 501; (2012) 92 ACSR 218 …. 1.13 Emanuel Management Pty Ltd v Foster’s Brewing Group Ltd (2003) 178 FLR 1; [2003] QSC 205 …. 5.46, 5.62, 5.73, 5.77, 5.78, 5.97, 5.232, 5.246, 5.249 Entirity Business Services Pty Ltd v Garsoft Pty Ltd [2011] FCA 76 …. 3.58, 3.62, 3.63 Environmental Defenders Office (Tas) Inc v Chipman [2003] TASSC 72 …. 9.49 Equiticorp Finance Ltd (in liq) v Bank of New Zealand; Equiticorp Financial Services Ltd (in liq) (rec and mgr apptd) v Bank of New Zealand (1993) 11 ACLC 952 …. 3.77 Equus Corp Pty Ltd v Glengallan Investments Pty Ltd (2004) 218 CLR 471; [2004] HCA 55…. 1.19 Erlanger v New Sombrero Phosphate Co (1878) 3 App Cas 1218 …. 3.25 Es-Me Pty Ltd v Parker (1971-1973) CLC 40-038 …. 3.149 Evans v Tate Premium Wines Pty Ltd and Australian Beverage

Distributors Pty Ltd [2005] NSWSC 186 …. 5.230 Expo International Pty Ltd (recs and mgrs apptd) (in liq) v Chant [1979] 2 NSWLR 820 …. 3.99, 6.54 F F G (Films) Ltd, Re [1953] 1 WLR 483 …. 2.32 FAI Traders Insurance Co Limited v Ferrara (1996) 41 NSWLR 91 …. 5.202 Farah Constructions Pty Ltd v Say-Dee Pty Ltd (2007) 230 CLR 89 …. 3.54, 3.171 Fatupaito v Bates [2001] NZHC 401 …. 11.40 First Strategic Development Corporation Ltd (in liq) v Chan [2014] QSC 60 …. 5.253, 6.49, 6.69 Fitzsimmons v R (1997) 23 ACSR 355 …. 3.92 Flavel v Day (1985) 3 ACLC 320 …. 4.24, 4.28, 4.33, 4.34, 4.101, 5.126 — v Semmens (1987) 46 SASR 354; 5 ACLC 868 …. 4.51, 16.27, 16.30, 16.31 Fliway Transport Pty Ltd v Soper (1988) 21 NSWLR 19; 14 ACLR 690; 7 ACLC 129 …. 4.86, 5.119 Forge v ASIC (2004) 52 ACSR 1; [2004] NSWCA 448 …. 8.44 Forest Marsh Pty Ltd v Pleash [2011] FCA 134 …. 3.99 Forkserve Pty Ltd v Jack [2000] NSWSC 1064 …. 3.148 Foss v Harbottle (1843) 2 Hare 461; [1843] EngR 478 …. 3.19 Francis v United Jersey Bank 432 A 2d 814 (NS 1981) …. 3.116 Freeman v McManus [1958] VR 15 …. 9.3 G Gallagher v Durack (1983) 152 CLR 238; 45 ALR 53 …. 16.55 Galloway v Hallé Concerts Society (1915) 2 Ch 233 …. 3.25 Gas Lighting Improvement Co Ltd v Inland Revenue

Commissioners [1923] AC 723 …. 2.11, 2.40 Geeveekay Pty Ltd v Director of Consumer Affairs Victoria (2008) 19 VR 512 …. 5.137, 5.148, 5.195, 5.205, 5.213, 5.214, 5.215 Gemstone Corporation of Australia Ltd v Grasso (1994) 62 SASR 239; [1993] SASC 4211 …. 3.178, 3.179 Gencor ACP Ltd v Dalby [2000] 2 BCLC 734 …. 2.33 Gerace v Auzhair Supplies Pty Ltd (in liq) (2014) 100 ACSR 465.…. 3.182 Gerald Cooper Chemicals Ltd (in liq), Re [1978] Ch 262; [1978] 2 All ER 49 …. 14.8, 14.40, 14.41, 14.44, 14.45, 14.52, 14.64, 16.36, 16.39 Gerard Cassegrain & Co Pty Ltd (in liq) v Cassegrain (2013) 97 ACSR 283; [2013] NSWCA 455…. 8.74 Gething v Kilner [1972] 1 WLR 337 …. 3.25 Gilford Motor Co Ltd v Horne [1933] All ER Rep 109; [1933] Ch 935 …. 2.31 GIO General Ltd v Newcastle City Council (1996) 38 NSWLR 558 …. 5.89 Glandon Pty Ltd v Strata Consolidated Pty Ltd (1993) 11 ACSR 543 …. 3.25 Glavanics v Brunninghausen (1996) 16 ACSC 204 …. 5.15 Gold Ribbon (Accountants) Pty Ltd (in liq) v Shears [2006] QCA 335 …. 3.121, 3.178, 3.180 Gould v Vaggelas (1985) 157 CLR 215; [1985] HCA 75 …. 3.19 Gould and Birbeck and Bacon v Mount Oxide Mines Ltd (in liq) (1916) 22 CLR 490; [1916] HCA 81 …. 3.113 Gramophone & Typewriter Ltd v Stanley [1908] 2 KB 89 …. 5.26 Great Southern Finance Pty Ltd (in liq) v Rhodes (2015) 103 ACSR 137 …. 6.76, 8.53, 8.56 Green v Bestobell Industries Pty Ltd [1982] WAR 1 …. 3.95

Green in his capacity as liquidator of Arimco Mining Pty Ltd (in liq) v CGU Insurance Ltd (2008) 67 ACSR 398 …. 5.282 Greenhalgh v Arderne Cinemas Ltd [1951] Ch 286 …. 3.135 Grimaldi v Chameleon Mining NL (No 2) (2012) 87 ACSR 260 …. 3.54, 5.47, 5.59, 5.62, 5.67, 5.68, 5.71, 5.78, 8.84 Grimm v Roy Galvin & Co Pty Ltd (1988) 13 ACLR 745; 6 ACLC 852 …. 4.182 Group Four Industries Pty Ltd v Brosnan (1991) 56 SASR 234; 5 ACSR 649; 9 ACLC 1181…. 4.101, 4.110, 4.118, 4.126, 4.164, 4.190, 5.276, 6.2, 6.3, 6.24, 6.25, 6.31 — v — (1992) 59 SASR 22; 8 ACSR 463; 10 ACLC 1437 …. 4.191, 6.2, 6.3, 6.8, 6.28, 6.31 Grove v Flavel (1986) 43 SASR 410; 4 ACLC 654 …. 2.2, 3.35, 3.36, 3.37, 3.150 Grundt v Great Boulder Pty Gold Mines Ltd (1937) 59 CLR 641 …. 4.134 Guerinoni v Argyle Concrete & Quarry Supplies Pty Ltd (2000) 34 ACSR 469 …. 2.54 Guthrie v Radio Frequency Systems Pty Ltd (2000) 34 ACSR 572 …. 5.238 H Hall v Poolman (2007) 65 ACSR 123; [2007] NSWSC 1330 …. 5.241, 5.276, 5.282, 6.54, 8.14, 8.54, 8.72, 8.74, 8.75 Hambleton v Bates [2014] QDC 162 …. 6.61 Hamilton v Abbott (1980) 5 ACLR 391 …. 5.143, 5.148 Hamilton v Whitehead (1988) 166 CLR 121; [1988] HCA 65 …. 2.12 Hanlon Homes Pty Ltd (in liq), Re (1987) 5 ACLC 459 …. 4.68 Hardie v Hanson (1960-1961) 105 CLR 451 …. 14.38, 16.13, 16.21, 16.22, 16.24, 16.26, 16.27, 16.28, 16.31, 16.33, 16.45

Harlowe’s Nominees Pty Ltd v Woodside (Lakes Entrance) Oil Co NL (1968) 121 CLR 483 …. 3.81, 3.132 Harris v S (1976) 2 ACLR 51 …. 5.54, 5.55, 5.78, 5.101, 5.102, 5.104, 5.105 Harrison v Lewis (2001) 19 ACLC 566; [2001] VSC 27 …. 5.195, 5.208 Hart Security Australia Pty Ltd v Boucousis (2015) 102 ACSR 557 …. 3.71, 3.177 Hasler v Singtel Optus Pty Ltd (2014) 101 ACSR 167 …. 3.54 Hawkins v Bank of China (1992) 26 NSWLR 562; 7 ACSR 349; 10 ACLC 588 …. 5.118, 5.120, 5.143, 5.149, 5.150, 5.151, 5.153, 5.173, 5.194, 5.195, 5.196, 5.198, 5.202, 5.215, 5.218, 5.219 Hedley Byrne v Heller [1964] AC 465 …. 3.58 Heide Pty Ltd t/a Farmhouse Smallgoods v Lester (1990) 8 ACLC 958 …. 4.101, 4.111, 4.113, 4.120, 4.153, 4.155, 4.169, 4.182, 6.32 Hely-Hutchinson v Brayhead Ltd [1968] 1 QB 549 …. 3.71 Highup Pty Ltd (in liq) v Gubas (2014) 102 ACSR 467 …. 8.9 HIH Insurance Ltd and HIH Casualty and General Insurance Ltd, Re; Australian Securities and Investments Commission v Adler (2002) 168 FLR 253; 41 ACSR 72; [2002] NSWSC 171 …. 3.58, 3.61, 3.62, 3.63, 3.72, 3.92, 3.107, 3.112, 3.116, 3.121, 3.123, 3.133, 3.144, 3.146, 10.24 Hill v Anderson Meat Industries Ltd [1972] 2 NSWLR 704 …. 4.67 Ho v Akai Pty Ltd (in liq) (2006) 24 ACLC 1526; [2006] FCAFC 159 …. 5.53, 5.78, 5.96, 5.103, 7.11, 7.18 Hobart Bridge Co Ltd (in liq) v Commissioner of Taxation (1951) 82 CLR 372 …. 2.40 Holpitt v Swaab (1992) 33 FCR 474; 10 ACLC 64 …. 5.113, 5.115 Holyoake Industries (Vic) Pty Ltd v V-Flow Pty Ltd (2012) 88 ACSR 679 …. 8.112 Hooker Investments Pty Ltd v Baring Bros Halkerstone & Partners Securities Ltd (1986) 10 ACLR 462 …. 3.20

Hordern v Hordern [1910] AC 465 …. 3.91 Hospital Products Ltd v United States Surgical Corp (1984) 156 CLR 41; 58 ALJR 587; [1984] HCA 64 …. 2.53, 3.23, 3.25, 3.52, 3.54, 3.70, 3.88, 3.92, 3.175, 3.176, 3.181 Howard Smith Ltd v Ampol Petroleum Ltd [1974] 1 NSWLR 68; [1974] AC 821 …. 3.25, 3.79, 3.81, 3.83, 3.132, 5.24 Hurley v BGH Nominees Pty Ltd (1982) 6 ACLR 791 …. 3.49 — v — (No 2) (1984) 10 ACLR 197 …. 3.48 Hussein v Good (1990) 1 ACSR 710; 8 ACLC 390 …. 4.14, 4.24, 4.89, 4.91, 4.140, 5.119, 5.143, 5.145, 5.148, 5.151, 5.192, 5.193, 5.217, 5.218, 5.220 Hutton v West Cork Railway Co (1883) 23 Ch D 654 …. 3.133 Hydrocool Pty Ltd v Hepburn (No 4) [2011] FCA 495 …. 3.146, 3.178 Hydrodam (Corby) Ltd, Re [1994] 2 BCLC 180 …. 5.46, 5.53, 5.60, 5.65, 5.98, 5.105, 5.107, 11.10 Hydronics Industries Ltd, Re (1981) 6 ACLR 602 …. 16.21 Hymix Concrete v Garrity (1977) 13 ALR 321; 2 ACLR 559 …. 5.237, 6.54 Hyundai Heavy Industries Co Ltd v Papadopoulos [1980] 2 All ER 29; [1980] 1 WLR 1129 …. 5.150 I IMO DW Marketing Pty Ltd (in liq) (ACN 056 498 509) [2009] VSC 663 …. 5.214 Industrial Equity Ltd v Blackburn (1977) 137 CLR 567; 17 ALR 575; 52 ALJR 89; [1977] HCA 59 ….. 2.4, 2.12, 2.14, 2.35, 2.39 International Cat Manufacturing Pty Ltd (in liq) v Rodrick [2010] QSC 30…. 5.47 — v — (2013) 97 ACSR 200; [2013] QCA 372 …. 5.252, 5.253 International Greetings (UK) Ltd (formerly Scandinavian Design

Ltd) v Stansfield (2010) 80 ACSR 664; [2010] NSWSC 461 …. 8.21 Iso Lilodw’ Aliphumeleli Pty Ltd (in liq) v Commissioner of Taxation (Cth) (2002) 42 ACSR 561; [2002] NSWSC 644 …. 5.168, 5.260 J James v Andrews (2001) 166 FLR 11; [2001] NSWSC 1149 …. 5.290 Jeffree v National Companies and Securities Commission [1990] WAR 183; (1989) 15 ACLR 217; 7 ACLC 556 …. 2.2, 3.37, 3.45, 3.140 Jelin Pty Ltd v Johnson (1987) 5 ACLC 463 …. 4.14, 4.89, 4.91, 5.143, 5.150, 5.169, 5.171 JH Rayner (Mincing Lane) Ltd v Department of Trade and Industry [1989] Ch 72 …. 2.16 John Graham Reprographics Pty Ltd v Steffens (1987) 12 ACLR 779; 5 ACLC 904 …. 4.89, 4.96, 4.181, 4.182, 5.217, 6.32 Jones v Invion Ltd (formerly CBIO Ltd) [2015] QCA 100 …. 3.178 — v Lipman [1962] 1 All ER 442; [1962] 1 WLR 832 …. 2.33 K Kalls Enterprises Pty Ltd (in liq) v Baloglow [2007] NSWCA 191 …. 3.36 Karounos v Flavel (1984) 2 ACLC 394 …. 1.16, 4.20, 4.28, 4.101, 5.5, 10.4 Kaytech International plc, Re [1999] 2 BCLC 351; [1999] BCC 390 …. 5.60, 5.62, 5.107, 5.110 Keeley v Brooking (1979) 143 CLR 162; 25 ALR 45 …. 16.55 Kenna and Brown Pty Ltd (in liq) v Kenna (1999) 32 ACSR 430; [1999] NSWSC 533 …. 6.77, 8.74 Kennedy v ASIC (2005) 52 ACSR 301; [2005] FCAFC 32 …. 5.287 Kinsela v Russell Kinsela Pty Ltd (in liq) (1986) 4 NSWLR 722; 10 ACLR 395; 4 ACLC 215 …. 2.2, 3.34, 3.36, 3.42, 3.45, 3.137, 4.197

Klintworth Homes Pty Ltd (in liq), Re (1977) 3 ACLR 213; (1977-1978) CLC 40-385 …. 4.36, 4.37, 4.38, 4.39, 4.40, 16.46, 16.47, 16.49 Knebel Woodworking Co Pty Ltd, Re (1985) 3 ACLC 739 …. 4.67 Kokotovich Constructions Pty Ltd v Wallington (1995) 17 ACSR 478 …. 3.83 Krecichworst v R (2012) 88 ACSR 339 …. 3.171 Kuwait Asia Bank EC v National Mutual Life Nominees Ltd [1991] 1 AC 187 …. 5.53, 5.97 Kyra Nominees Pty Ltd (in liq) v National Australia Bank Ltd (1986) 4 ACLC 400 …. 5.227 L L Todd (Swanscombe) Ltd, Re (1990) BCC 125 …. 14.35 Lagos v Grunwaldt [1910] 1 KB 41 …. 5.131 Lagunas Nitrate Company v Lagunas Syndicate [1899] 2 Ch 392 …. 3.59 Lawson v Mitchell (1975-1976) CLC 40-200 …. 4.211 Lazarus Estates Ltd v Beasley [1956] 1 QB 702 …. 2.27 Ledir Enterprises Pty Ltd, Re (2013) 96 ACSR 1 …. 3.129, 3.134 Lee v Lee’s Air Farming Ltd [1961] AC 12 …. 2.12, 2.13 Lee Kong v Pilkington (Aust) Ltd (1997) 25 ACSR 103 …. 5.258 Legione v Hateley (1983) 152 CLR 406 …. 4.131 Leigh-Mardon Pty Ltd v Wawn (1995) 17 ACSR 741; 13 ACLC 1244 …. 5.193, 5.218 Leo v Kerr-McGee, Civ A No 93-1107 (JEI), 1996 WL 265065 (D NJ, 10 May 1996) …. 2.42 Leslie v Howship Holdings Pty Ltd (1997) 15 ACLC 459 …. 5.239 Lester v DH & LS Chilcott & Son Pty Ltd (1991) 9 ACLC 605 …. 4.101, 4.111, 4.113, 4.118, 4.120

Levin v Clarke [1962] NSWR 686 …. 3.75 Lewis v Doran (2004) 50 ACSR 175; [2004] NSWSC 608 …. 5.227, 5.228, 5.232, 5.246, 5.247, 5.249 Lewis (as liquidator of Doran Construction Pty Ltd) v Doran (2005) 219 ALR 555; 54 ACSR 410; 23 ACLC 1666; [2005] NSWCA 243 …. 5.227, 5.228, 5.229, 5.232, 5.236, 5.246, 5.247, 5.249 Link Agricultural Pty Ltd v Shanahan [1999] 1 VR 466 …. 8.44 Links Golf Tasmania Pty Ltd v Sattler (2012) 90 ACSR 288 …. 6.75, 8.52 Linton v Telnet Pty Ltd (1999) 30 ACSR 465 …. 3.78 Lo-Line Electric Motors Ltd, Re [1988] Ch 477 …. 5.60, 5.78, 5.107, 5.108, 5.110 London School of Electronics Ltd, Re [1986] Ch 211 …. 2.56 Lonrho Ltd v Shell Petroleum Co Ltd [1980] 1 WLR 627 …. 3.39 Lunn v Cardiff Coal Company (No 3) (2004) 47 ACSR 79 …. 2.54 Lyford & Glenisia Investments Pty Ltd v Commonwealth Bank of Australia (1995) 130 ALR 267 …. 3.45 Lynch & Co v US Fidelity & Guarantee Co (1971) 1 OR (2d) 28 …. 3.67 M Macquarie Bank Ltd v Fociri Pty Ltd (1992) 10 ACLC 785 …. 1.16 Macquarie International Health Clinic Pty Ltd v Sydney South West Area Health Service (No 3) [2010] NSWSC 1139 …. 2.43 Maelor Jones Investments (Noarlunga) Pty Ltd v Heywood-Smith (1989) 54 SASR 285; [1989] SASC 1928…. 8.62 Mahel Investments Pty Ltd & the Companies Act, Re (1979) CLC 32,267 …. 16.49, 16.50 Maidstone Buildings Provisions Ltd, Re [1971] 3 All ER 363 …. 14.9, 14.57, 14.59, 14.62, 16.34, 16.35

Malos v Malos (2003) 44 ASCR 511 …. 2.54 Maney & Sons De Luxe Service Station Ltd, Re; Cowan v Maney [1968] NZLR 624 …. 16.33 Maney & Sons De Luxe Service Station Ltd, Re; Maney v Cowan [1969] NZLR 116 …. 16.33 Manglicmot v Commonwealth Bank Officers Superannuation Corporation [2010] NSWSC 363 …. 3.56 Manifest Shipping Company Ltd v Uni-Polaris Company Ltd [2003] 1 AC 469 …. 14.63 Manpac Industries Pty Ltd v Ceccattini (2002) 20 ACLC 130; [2002] NSWSC 330 …. 5.257, 6.43, 6.44, 6.48, 6.59, 6.60 March v E & MH Stramere Pty Ltd (1991) 171 CLR 506 …. 8.108 Marchesi v Barnes [1970] VR 434 …. 1.4, 3.130, 12.2 Marini, Re [2003] EWHC 334 (Ch) …. 11.27 Marinovski v Zutti Pty Ltd [1984] 2 NSWLR 571 …. 2.12 Marson Pty Ltd v Pressbank Pty Ltd (1989) 7 ACLC 733 …. 3.151 Mason v Lewis [2006] 3 NZLR 255 …. 11.40 Massey v Wales & Cooney (2003) 177 FLR 1 …. 5.24 Matlic Pty Ltd (in liq), Re (2014) 102 ACSR 602; [2014] NSWSC 1342 …. 6.51, 6.61, 6.73 Maxwell v Murphy (1957) 96 CLR 261 …. 5.213 McCann v Switzerland Insurance Australia Ltd (2000) 203 CLR 579 …. 3.67 McGuire v Ralph McKay Ltd (1987) 5 ACLC 891 …. 3.81 McLellan, Re; Stake Man Pty Ltd v Carroll (2009) 76 ACSR 67; [2009] FCA 1415 …. 5.230, 5.232, 5.238, 5.241, 5.246, 5.259, 5.292, 6.44, 6.47, 6.58, 6.60, 6.77, 8.74, 8.75 McNamara v Flavel (1988) 6 ACLC 802 …. 3.149

Mea, Re [2007] 1 BCLC 618 …. 5.62 Melbase Corp Pty Ltd v Segenhoe Ltd (1995) 17 ACSR 187 …. 5.236, 5.258, 5.259 Mernda Developments Pty Ltd v Alamanda Property Investments No 2 Pty Ltd (formerly known as Dollarforce Financial Services Pty Ltd) (2012) 86 ACSR 277 …. 3.129 Metal Component Industries Pty Ltd (in liq) v Clark (1980) 4 ACLR 862 …. 4.24, 4.38 Metal Manufactures Ltd v Lewis (1986) (1986) 11 ACLR 122; 4 ACLC 739 …. 4.141, 4.159, 4.169, 4.174, 4.175, 4.183, 4.186, 4.188, 4.190, 4.193, 6.2, 6.3, 6.6, 6.17, 6.23, 6.31, 6.32, 6.47, 6.65 — v — (1988) (1988) 13 NSWLR 315; 13 ACLR 357; 6 ACLC 725 …. 1.16, 1.17, 3.4, 3.5, 4.153, 4.155, 4.159, 4.160, 4.169, 4.170, 4.171, 4.172, 4.174, 4.177, 5.7, 6.2, 6.3, 6.4, 6.5, 6.8, 6.9, 6.12, 6.13, 6.18, 6.20, 6.21, 6.23, 6.27, 6.31, 6.32 Metropolitan Fire Systems Pty Ltd v Miller (1997) 23 ACSR 699; [1997] FCA 399.…. 5.254, 5.276, 5.292, 5.297, 6.40, 6.41, 6.44, 6.46, 6.63 Miller v Miller (1995) 16 ACSR 73 …. 8.44 Mills v Mills (1938) 60 CLR 150; [1938] HCA 4 …. 3.25, 3.92, 3.138 Mistmorn Pty Ltd (in liq) & Wily v Yasseen (1996) 21 ACSR 173; 14 ACLC 1387 …. 5.71, 5.76 Molomby v Whitehead (1985) 7 FCR 541; [1985] FCA 421 …. 3.69 Moorgate Tobacco Co Ltd v Philip Morris Ltd (No 2) (1984) 156 CLR 414 …. 3.52 Morgan v 45 Flers Avenue Pty Ltd (1986) 10 ACLR 692; (1987) 5 ACLC 222 …. 2.52, 2.54 Morley v ASIC [2010] NSWCA 331 …. 3.115 — v — (No 2) (2011) 83 ACSR 620; [2011] NSWCA 110 …. 6.76, 8.53, 8.69

— v Statewide Tobacco Services Ltd [1993] 1 VR 451; (1992) 8 ACSR 305; 10 ACLC 1233 …. 4.186, 6.2, 6.3, 6.8, 6.14, 6.16, 6.18, 6.21, 6.23, 6.24, 6.28, 6.31, 6.47 Morphitis v Bernasconi [2003] EWCA Civ 289 …. 14.41, 14.42 Morris v Bank of India [2003] EWHC 1868 …. 14.25, 14.63, 14.72 Motor Trades Association of Australia Superannuation Fund Pty Ltd v Rickus (No 3) [2008] FCA 1986 …. 3.53, 3.69, 3.101 Mount Edon Gold Mines (Aust) Ltd v Burmine Ltd (1994) 12 ACSR 727; 12 ACLC 185 …. 7.12 Mulherin v Bank of Western Australia Ltd; McCann v Bank of Western Australia Ltd [2006] QCA 175 …. 5.252 Murray-Watson Ltd, Re (6 April 1977, unreported) …. 14.8, 14.43, 14.44, 14.45 Mustang Marine Australia Services Pty Ltd (ACN 129 124 223) (in liq), Re (2014) 104 ACSR 461; [2014] NSWSC 1074 …. 8.28 Mustang Marine Australia Services Pty Ltd (in liq), Re (2013) 94 ACSR 601 …. 8.9 N Nassar v Innovative Precasters Group Pty Ltd [2009] NSWSC 342 …. 2.53 Natcomp Technology Australia Pty Ltd v Graiche (2001) 19 ACLC 1117 …. 5.74, 5.75 National Companies and Securities Commission v Sharp (1990) 8 ACLC 223 …. 4.138 National Roads & Motorists’ Association v Parker (1986) 4 ACLC 609 …. 5.26 Neat Holdings Pty Ltd v Karajan Holdings Pty Ltd (1992) 110 ALR 449; [1992] HCA 66 …. 3.169, 5.39 Neville Smith Timber Industries Pty Ltd v Lennan [1996] 2 Qd R 177 …. 6.8

New Bounty Pty Ltd, Re; Winpar Holdings Ltd v Baron Corporation Pty Ltd (2015) 107 ACSR 504; [2015] NSWSC 1060 …. 8.82 New Cap Reinsurance Corp Ltd (in liq) v Grant (2008) 221 FLR 164; 68 ACSR 176 …. 5.169 New World Alliance Pty Ltd, Re; Sycotex Pty Ltd v Baseler (1994) 51 FCR 425 …. 3.46, 3.47 New Zealand Netherlands Society “Oranje” Inc v Kuys [1973] 1 WLR 1126 …. 3.91 Newark Pty Ltd (in liq), Re; Taylor v Carroll (1991) 9 ACLC 1592 …. 4.130 Newark Pty Ltd (in liq), Re; Taylor v Carroll [1993] 1 Qd R 409; (1991) 6 ACSR 255 …. 5.232, 5.238, 5.246, 5.249, 5.255, 5.256, 5.257, 5.259, 6.54 Newtronics Pty Ltd (recs and mgrs apptd) v Gjergja (2007) 63 ACSR 611 …. 8.109, 8.110 Ngurli Ltd v McCann (1953) 90 CLR 425; [1953] HCA 39 …. 3.25, 8.49 Nicholls v Michael Wilson & Partners Ltd [2012] NSWCA 383 …. 3.177 Nicholson v Permakraft (NZ) Ltd (in liq) (1985) 3 ACLC 453 …. 3.33, 3.34, 4.197 Nilant v RL & KW Nominees Pty Ltd [2007] WASC 105 …. 2.56 Nocton v Ashburton [1914] AC 932; [1914] All ER Rep 45 …. 3.25, 3.177 Norfolk Plumbing Supplies Pty Ltd v Commonwealth Bank of Australia (1992) 6 ACSR 601 …. 5.227, 5.238 North City Developments Pty Ltd, Re; Ex parte Walker (1990) 8 ACLC 1004 …. 4.87 O Oasis Merchandising Services Ltd (in liq), Re [1997] 1 All ER 1009 ….

11.37 O’Brien & Yorkville Nominees Pty Ltd v Walker (1982) 1 ACLC 59 …. 3.73, 3.182 Odin Central Service Pty Ltd t/a Gregory’s Plumbing & Pipeline Services v Interstruct Pty Ltd (1991) 9 ACLC 1620; (1992) ATPR (Digest) 46-084 …. 5.221 O’Donovan v Vereker (1987) 29 A Crim R 292 …. 16.27 Official Receiver v Doshi [2001] 2 BCLC 235 …. 11.25, 11.28, 11.32 Official Trustee in Bankruptcy v Buffier (2005) 54 ACSR 767 …. 2.54 — v CS & GJ Handby Pty Ltd (1989) 7 ACLC 1070 …. 4.204 Ogdens Ltd v Weinberg (1906) 95 LT 567 …. 5.119, 5.143 O’Halloran v R T Thomas & Family Pty Ltd (1998) 45 NSWLR 262; 29 ACSR 148 …. 3.177 O’Neil v Phillips [1999] 1 WLR 1082 …. 2.49 One.Tel (in liq), Re; Australian Securities and Investments Commission v Rich (2003) 44 ACSR 682; [2003] NSWSC 186 …. 8.69 One.Tel Ltd v Rich (2005) 53 ACSR 623; 23 ACLC 556; [2005] NSWSC 226 …. 8.77, 8.83, 8.107 Onslow Salt Pty Ltd, Re (2003) 198 ALR 344 …. 8.70 Ord v Belhaven Pubs Ltd [1998] 2 BCLC 447 …. 2.34 Owners – Strata Plan 60285, The v Bondlake Pty Ltd [2004] NSWSC 1037 …. 5.196 P P & V Industries Pty Ltd v Porto (2006) 14 VR 1; [2006] VSC 131 …. 3.53 Palermo v Palermo [2015] WASCA 49 …. 2.49, 2.53 Panorama Developments (Guildford) Ltd v Fidelis Furnishing Fabrics Ltd [1971] 3 WLR 440 …. 14.62, 16.34

Papaioannoy v Greek Orthodox Community of Melbourne (1978) 3 ACLR 801 …. 8.44 Parker v Tucker (2010) 77 ACSR 525; [2010] FCA 263 …. 3.56, 3.107, 3.146, 3.174 Pascoe in his capacity as liquidator of Charter Workforce Pty Ltd (in liq) v Divisional Security Group Pty Ltd (2007) 61 ACSR 381 …. 8.80, 8.83, 8.109 Patrick & Lyon Ltd, Re [1933] Ch 786 …. 14.23, 14.24, 14.27, 14.28, 14.29, 14.30, 16.21, 16.27, 16.31 Paul A Davies (Australia) Pty Ltd (in liq) v Davies (1983) 1 ACLC 1091 …. 3.73 Pavan v Ratnam (1996) 23 ACSR 214 …. 3.51 PCH Offshore Pty Ltd v Dunn (2009) 72 ACSR 99 …. 3.100 Peel v London & North Western Railway Co [1907] 1 Ch 5 …. 3.25 Pegulan Floor Coverings Pty Ltd v Carter (1997) 24 ACSR 651 …. 5.232, 5.238, 5.246, 5.249 Percival v Wright [1902] 2 Ch 421 …. 3.20, 3.22, 3.26 Perens v Johnson (1857) 3 Sm & Giff 419; 65 ER 720; [1857] EngR 196 …. 3.28 Permakraft (NZ) (in liq) v Nicholson (1982) 1 ACLC 488 …. 3.33 Permanent Building Society (in liq) v McGee (1993) 11 ACSR 260; 11 ACLC 761 …. 3.86, 3.87, 3.92 — v Wheeler (1994) 11 WAR 187; 14 ACSR 109 …. 3.58, 3.112, 3.133 Peso Silver Mines Ltd v Cropper (1966) 58 DLR (2nd) 1 …. 3.97 Peters v R (1998) 192 CLR 493 …. 3.171 Peters’ American Delicacy Co Ltd v Heath (1939) 61 CLR 457 …. 3.25 Photo Production Ltd v Securicor Transport Ltd [1980] AC 827; [1980] 1 All ER 556 …. 2.18 Pilmer v Duke Group Ltd (in liq) (2001) 207 CLR 165; [2001] HCA 31

…. 3.53, 3.71 Pinnel’s case (1602) 77 ER 237 …. 4.129 Pioneer Concrete Pty Ltd v Ellston (1985) 10 ACLR 289 …. 4.101, 4.120, 4.127, 4.181, 4.183, 5.249, 5.257, 5.275, 6.32 Pioneer Concrete Services Ltd v Yelnah Pty Ltd (1986) 5 NSWLR 254; (1987) 5 ACLC 467 …. 2.28, 2.37 Playcorp Pty Ltd v Shaw (1993) 11 ACLC 641 …. 5.57 Playspace Playground Pty Ltd v Osborn [2009] FCA 1486 …. 5.36, 5.37 Powell v Fryer (2000) 18 ACLC 480; [2000] SASC 97 …. 5.137, 5.140, 5.199, 5.214, 5.219, 5.239 — v — (2001) 37 ACSR 589; [2001] SASC 59 …. 5.120, 5.136, 5.137, 5.195, 5.202, 5.219, 5.232, 5.233, 5.234, 5.238, 5.246, 5.249, 5.255, 5.256, 5.259, 5.275, 5.276, 8.20 Prest v Petrodel Resources Ltd [2013] 2 AC 415 …. 2.1, 2.27 Prestia v Aknar (1996) 40 NSWLR 165; 132 FLR 180; ATPR (Digest) 46-157 …. 5.90, 5.91 Produce Marketing Consortium Ltd, Re [1989] 3 All ER 1; (1989) 5 BCC 569 …. 11.10, 11.16, 11.31 Produce Marketing Consortium Ltd (No 2), Re [1989] BCLC 520 …. 11.28 Property Force Consultants Pty Ltd, Re (1995) 13 ACLC 1051 …. 3.112 Prudential Assurance Co Ltd v Newman Industries Ltd (No 2) [1982] Ch 204 …. 3.19 Purpoint Ltd, Re [1991] BCLC 491 …. 11.28, 11.29 Q Qintex Australia Finance Ltd v Schroders Australia Ltd (1990) 3 ACSR 267; 9 ACLC 109 …. 2.27, 2.41 Quarry Quip Engineering Pty Ltd v Starr [2002] VSC 548 …. 6.55

Queensland Bacon Pty Ltd v Rees (1966) 115 CLR 266; [1966] ALR 855 …. 6.46 Queensland Mines Ltd v Hudson (1978) 18 ALR 1 …. 3.92, 3.96 Queensland Press Ltd v Academy Investments No 3 Pty Ltd [1988] 2 Qd R 575…. 5.24 Quick v Stoland (1998) 87 FCR 371; 157 ALR 615; [1998] FCA 1200 …. 5.249, 5.254, 5.255, 8.36 Quin & Axtens Ltd v Salmon [1909] AC 442 …. 5.26 R R v Byrnes (1995) 183 CLR 501; 17 ACSR 551; [1995] HCA 1 …. 3.92, 3.139, 3.145, 3.146 — v Donald (1993) 11 ACLC 712 …. 3.71, 3.143, 3.156 — v Feld [1999] 1 Cr App R (S) 246 …. 14.83 — v Frawley (2005) 52 ACSR 461; [2005] NSWCCA 66 …. 5.287 — v Grantham [1984] QB 675; [1984] 2 WLR 815; [1984] 2 All ER 166 …. 11.7, 14.32, 14.33, 14.34, 14.35, 14.36, 14.37 — v Inman [1966] 3 All ER 414 …. 16.38 — v Kemp [1988] 1 QB 645 …. 16.40, 16.41, 16.42, 16.45 — v — (1988) 4 BCC 203 …. 14.65 — v Leaf [2007] EWCA Crim 802 …. 14.83 — v Lockwood (1986) 2 BCC 99,333 …. 14.82, 16.52 — v McHugh [2003] EWCA Crim 1766 …. 14.83 — v Miles [1992] Crim LR 657 …. 14.57 — v Palk and Smith [1997] 2 Cr App R (S) 167 …. 14.83 — v Philippou (1989) 5 BCC 665 …. 14.52, 14.53 — v Poster Plywood Co Ltd (Central Criminal Court, 1956, unreported) …. 14.30 — v Secretary of State for the Home Department; Ex parte Puttick

[1981] QB 767 …. 2.27 — v Thobani [1998] 1 Cr App R (S) 227 …. 14.83 — v Ward [2001] 2 Cr App R (S) 146 …. 14.83 R J Elrington Nominees Pty Ltd v Corporate Affairs Commission (SA) (1989) 1 ACSR 93 …. 3.67, 8.59, 8.60 Ramsay v Bigtincan Pty Ltd (2014) 101 ACSR 415 …. 3.177 Reed International Books Australia Pty Ltd (t/a Butterworths) v King (1993) 44 FCR 587; 11 ACSR 560; 11 ACLC 935 …. 5.169, 5.174 Refrigerated Express Lines (Australasia) Pty Ltd v Australian Meat and Livestock Corporation (1979) 52 FLR 204 …. 4.143 Regal (Hastings) Ltd v Gulliver [1967] 2 AC 134; [1942] 1 All ER 378 …. 3.25, 3.93, 3.94, 3.139, 8.50 Rema Industries and Services Pty Ltd v Coad (1992) 107 ALR 374; 7 ACSR 251; 10 ACLC 530; 7 ACSR 766; [1992] FCA 114 …. 5.148, 5.217, 5.218, 5.220, 5.275 Repatriation Commission v Harrison (1997) 24 ACSR 711 …. 2.4, 2.27 Residues Treatment & Trading Co Ltd v Southern Resources Ltd (No 2) (1989) 7 ACLC 1130 …. 3.82 — v — (No 4) (1988) 6 ACLC 1160 …. 3.21 Resource Equities Ltd v Carr [2009] NSWSC 1385 …. 3.131, 8.73 Revenue and Customs Commissioners v Holland; Re Paycheck Services 3 Ltd [2010] UKSC 51; [2010] WLR 2793 …. 5.60, 5.62, 5.100 Reynolds v Neumedix Biotechnology Pty Ltd [2006] QSC 302 …. 5.228 RHD Power Services Pty Ltd, Re (1990) 3 ACSR 261 …. 5.228 Rich v ASIC (2004) 220 CLR 129; [2004] HCA 42 …. 8.93, 8.94 Richard Brady Franks Ltd v Price (1937) 58 CLR 112 …. 3.25 RJR Nabisco Shareholders’ Litigation, Re (1988-1989) Federal

Securities Reports (CCH) …. 3.121 Robbins Herbal Institute v Federal Commissioner of Taxation (1923) 32 CLR 457 …. 5.89, 5.90 Robin Hood Centre Plc (in liq), Re [2015] EWHC 2289 (Ch) …. 11.10 Robson v Commissioner of Taxation [2015] QSC 76 …. 9.54, 9.59 Rogers v MHM Metals Ltd [2015] FCAFC 67 …. 3.54 Rosetex Co Pty Ltd v Licata (1994) 12 ACSR 779 …. 3.147, 3.151 Ross McConnel Kitchen & Co Ltd (in liq) v Ross (1985) 3 ACLC 326 …. 4.1, 4.89, 4.203 Russell Halpern Nominees Pty Ltd v Martin [1987] WAR 150; (1986) 10 ACLR 539; 4 ACLC 393 …. 4.1, 4.89, 4.91, 4.94, 4.97, 5.188, 5.189, 5.191, 5.193, 5.210, 5.211, 5.214, 5.215 Ryan v South Sydney Junior Rugby League Club Ltd [1975] 2 NSWLR 660 …. 8.44 S S & D International Pty Ltd (in liq) (recs and mgrs apptd), Re v MIG Property Services Pty Ltd [2009] VSC 225 …. 3.99 Salomon v A Salomon & Co Ltd [1897] AC 22; [1895-9] All ER Rep 33 …. 1.24, 1.25, 2.2, 2.5, 2.7, 2.8, 2.9, 2.11, 2.12, 2.13, 2.26, 2.27, 2.31, 2.44, 3.19, 12.6 Sandell v Porter (1966) 115 CLR 666; [1966] HCA 28 …. 5.225, 5.227, 5.228, 5.232, 5.234, 5.237, 5.246, 5.249, 5.254, 5.255 Sands and McDougall Wholesale Pty Ltd v Federal Commissioner of Taxation [1999] 1 VR 489; [1998] VSCA 76 …. 5.136, 5.137, 5.202 Sarflax Ltd, Re [1979] 2 WLR 202 …. 14.8, 14.45, 14.46, 14.47, 16.34 Scott v Williams [2002] SASC 424 …. 8.74 Scottish Co-operative Wholesale Society Ltd v Meyer [1959] AC 324 …. 3.76 Secretary of State for Trade and Industry v Deverell [2001] Ch 340

…. 5.104, 5.105, 5.110 — v Laing [1996] 2 BCLC 324 …. 5.60, 5.107 — v Tjolle [1998] 1 BCLC 333 …. 5.66 Securitibank Ltd (in liq), Re [1978] 1 NZLR 97 …. 2.39 Segur v Franklin (1934) 34 SR (NSW) 67; [1934] NSWStRp 7 …. 5.131 Selangor United Rubber Estates Ltd v Craddock (No 3) [1968] 1 WLR 1555 …. 3.75 Seltzer v IC Optics Ltd 339 F Supp 2d 601 (2004) …. 2.42 Sevenoaks Stationers (Retail) Ltd, Re [1991] Ch 164 …. 11.32 Shafron v ASIC (2012) 247 CLR 465; 88 ACSR 126 …. 3.98, 3.104 Shapowloff v Dunn [1973] 2 NSWLR 468; (1974) CLC 40-135 …. 4.11, 4.89, 5.126, 5.157 — v Dunn (1977-1978) ACLC 40-351 …. 5.126, 5.158 — v — (1977-1978) CLC 29,522 …. 4.5 — v — (1977-1978) CLC 40-351 …. 4.28, 4.89, 4.101, 4.105 — v — (1981) 148 CLR 72; 34 ALR 417; CLC 40-707; [1981] HCA 21 …. 4.5, 4.12, 4.13, 4.24, 4.101, 4.108, 4.112, 4.181, 5.126, 5.156, 5.165, 5.193, 5.275 Sheahan v Hertz Australia Pty Ltd (1995) 16 ACSR 765 …. 5.232, 5.246, 5.249 — v Londish [2010] NSWCA 270 …. 2.1 Sheahan (as liquidator of South Australian Service Stations) (in liq) v Verco (2001) 37 ACSR 117 …. 3.112 Shephard v ANZ Banking Corporation Ltd (1997) 15 ACLC 1802 …. 5.152, 5.153 Shepherd v Australia & New Zealand Banking Group Ltd (1996) 20 ACSR 81; 41 NSWLR 431 …. 5.130, 5.132, 5.173, 5.195, 5.200, 5.201, 5.202, 5.219

— v Companies Auditors Board (1981) CLC 40-701 …. 5.73 Sherborne Associates Ltd, Re [1995] BCC 40 …. 11.10 Short v Crawley (No 30) [2007] NSWSC 1322 …. 2.42, 3.24, 3.28, 5.15 Simar Transit Mixers Pty Ltd v Baryczka (1998) 28 ACSR 238 …. 3.146 Sims v Jooste (No 2) (2014) 103 ACSR 269 …. 3.169, 3.171 Smith v Boné; Re ACN 002 864 002 Pty Ltd (in liq) [2015] FCA 319 …. 5.36, 5.37, 5.230, 5.232, 5.236, 5.238, 5.241, 5.243, 5.245, 5.246, 5.249, 5.258, 5.260, 6.72, 6.75, 6.76, 8.20, 8.52, 8.53, 8.54, 8.69 — v Cock [1911] AC 317 …. 3.91 — v Offermans (2015) 105 ACSR 230; [2015] QCA 55 …. 5.43, 5.257, 8.22 Smith & Fawcett Ltd, Re [1942] 1 All ER 542 …. 3.129 Smith, Stone & Knight Ltd v Lord Mayor, Aldermen and Citizens of the City of Birmingham [1939] 4 All ER 116 ….. 2.36, 2.37 Social & Community Welfare Services (State) Award, Re (1984) 8 IR 364 …. 5.90 Sodeman v R (1936) 55 CLR 192 …. 6.41 South Australian Management Corporation v Sheahan (1995) 16 ACSR 45 …. 1.2 South Pacific Shipping Ltd (in liq), Re; Traveller v Lower (2004) NZCLC 263 …. 11.40 Southard & Co Ltd, Re [1979] 1 WLR 1198 …. 2.44 Southern Cross Interiors Pty Ltd (in liq) v DCT (2001) 53 NSWLR 213; 188 ALR 114; 164 FLR 430; 39 ACSR 305; 19 ACLC 1513; [2001] NSWSC 621 …. 1.13, 5.168, 5.230, 5.231, 5.233, 5.238, 5.243, 5.245, 5.257, 5.258, 5.259, 6.48 Southern Group Ltd v Smith (1997) 37 ATR 107 …. 2.12 Southern Highlands Building Company Pty Ltd, Re (1979) ACLC

32,074 …. 4.43 Southern Highlands Building Company Pty Ltd, Re (1979) CLC 40516 …. 4.24, 4.101, 5.126, 5.277 Southern Real Estate Pty Ltd v Dellow [2003] SASC 318 …. 3.147 Southern Star Group Pty Ltd v Byron (1995) 123 FLR 368 …. 6.8 Southern Star Group Pty Ltd t/a KGC Magnetic Tapes v Taylor (1990-1991) 4 ACSR 133; (1991) 9 ACLC 386 …. 4.142, 4.145 — v — (No 2) (1991) 9 ACLC 1211 …. 4.101, 4.187, 4.210 Southmall Hardware Ltd (in liq), Re (1984) 2 NZCLC 99,102 …. 16.24 Spain v The Union Steamship Company of New Zealand Ltd (1923) 32 CLR 138; [1923] HCA 21 …. 5.131 Speight v Gaunt (1883) 9 App Cas 1 …. 3.56 Spies v R (2000) 201 CLR 603; 35 ACSR 500; [2000] HCA 43 …. 1.3, 2.2, 3.7, 3.29, 3.30, 3.36, 3.45, 3.46, 3.137 Spika Trading Pty Ltd v Harrison (1990) 8 ACLC 310 …. 4.206, 4.207 St Helens Area Landcare and Coastcare Group Inc v Break O’Day Council [2005] TASSC 46 …. 9.49 Standard Chartered Bank of Australia Ltd v Antico (1995) 38 NSWLR 290; 131 ALR 1; 18 ACSR 1; [1995] NSWSC 31 …. 5.53, 5.83, 5.111, 5.112, 5.113, 5.199, 5.202, 5.219, 5.258, 5.259, 6.8 Standard Insurance Co Ltd (in liq), Re [1970] 1 NSWR 392; (1969) 91 WN (NSW) 654 …. 5.150 Stanford Services Ltd, Re [1987] 3 BCC 326 …. 3.40, 3.41, 3.44 State Government Insurance Corporation v Pollock (1993) 11 ACSR 333; 11 ACLC 839 …. 5.138, 5.140, 5.275 Statewide Tobacco Services Ltd v Morley [1993] 1 VR 423; (1990) 2 ACSR 405; 8 ACLC 827 …. 3.5, 4.101, 4.152, 4.153, 4.154, 4.157, 4.159, 4.160, 4.162, 4.180, 4.186, 4.188, 4.190, 4.193, 5.275 Stein v Blake [1998] 1 All ER 724 …. 3.19

Strazdins and Cooper in their capacity as joint and several deed administrators of DNPW Pty Ltd (subject to DOCA) (ACN 107 484 711) v Birch Carroll and Coyle Ltd (ACN 990 659 643) (2009) 72 ACSR 563; [2009] FCA 731 …. 8.13, 8.15, 8.24 Street v Queensland Bar Association (1989) 168 CLR 461 …. 5.90 Sunbird Plaza Pty Ltd v Maloney (1988-1989) 166 CLR 245; [1988] HCA 11 …. 5.125, 5.150, 5.152, 5.173 Sunshine Management Services Pty Ltd v Russo (1991) 4 ACSR 192; 9 ACLC 1069 …. 4.61, 4.63, 4.140, 9.15 Sutherland v Liquor Administration Board (1997) 24 ACSR 176 …. 5.202 Swindle v Harrison [1997] 4 All ER 705; [1997] EWCA Civ 1339 …. 3.177 Sycotex v Baseler (FCA, 26th May 1994, unreported) …. 5.113 Sydney Formworks Pty Ltd (in liq), Re [1965] NSWR 646 …. 1.2 T Taylor v Australian and New Zealand Banking Group Ltd (1988) 13 ACLR 780 …. 5.232, 5.238, 5.246, 5.249 — v Darke (1992) 10 ACLC 1516; [1992] FCA 428 …. 5.113 — v Powell (1993) 113 ALR 374; 10 ACSR 174; [1993] FCA 87 …. 5.218 — v Rudaks (2007) 166 FCR 451; [2007] FCA 1692 …. 7.34 — v Santos Ltd (1998) 71 SASR 434 …. 5.24 Taylormaid Marine Industries Pty Ltd v Beaurepaire (1987) 5 ACLC 253 …. 4.79, 5.79, 5.80, 5.81 Tesco Supermarkets Ltd v Nattrass [1972] AC 153; [1971] 2 All ER 127 …. 5.74 Thomas v SMP (International) Pty Ltd (No 4) [2010] NSWSC 984 …. 3.66, 3.177, 3.180 Thomas National Transport (Melbourne) Pty Ltd v May & Baker

(Australia) Pty Ltd (1966) 115 CLR 353 ….. 2.18 Titchfield Management Ltd v Vaccinoma Inc (2008) 68 ACSR 448; [2008] NSWSC 1196 …. 8.21 Toll (FGCT) Pty Ltd v Alphapharm Pty Ltd (2004) 219 CLR 165; [2004] HCA 52 …. 1.19 Totex-Adon Pty Ltd v Marco (1982) 1 ACLC [2008] QCA 094 28 …. 3.73 Tourprint International Pty Ltd v Bott (1999) 32 ACSR 201; [1999] NSWSC 581 …. 6.44, 6.47, 6.48, 6.68 Trade Practices Commission v CSR Limited [1991] ATPR 52-135 …. 8.94 Transvaal Lands Co v New Belgium (Transvaal) Land and Development Co [1914] 2 Ch 488 …. 3.71, 3.156 Trinick as Liquidator of Forgione Family Group Pty Ltd (in liq) Re Forgione Family Group Pty Ltd (in liq) v Forgione (2015) 239 FCR 285; 106 ACSR 600; [2015] FCA 642 …. 5.272, 6.52, 6.62, 8.61 Tru Floor Service Pty Ltd v Jenkins (No 2) (2006) 232 ALR 532; [2006] FCA 632 …. 5.37, 5.39 Turco & Co Pty Ltd v Pendella Holdings Pty Ltd; Re Pendella Holdings Pty Ltd [2010] FCA 213 …. 5.257 Turquand v Marshall (1869) LR 4 Ch App 379 …. 3.59 U Unisoft Group Ltd (No 3), Re [1994] 1 BCLC 609 …. 5.60, 5.78, 5.105, 5.107, 5.109 United Dominions Corp Ltd v Brian Pty Ltd (1985) 157 CLR 1 …. 3.174, 3.181 United Medical Protection Ltd (prov liq apptd), Re (2003) 47 ACSR 705; [2003] NSWSC 1031 …. 5.229, 5.232, 5.241, 5.246, 5.249, 5.258, 5.259 United States v Bestfoods 524 US 51 (1998); 118 S Ct 1876 (1998) ….

2.42 V Vacher & Sons Ltd v London Society of Compositors [1912] UKHL 3; [1913] AC 107 …. 9.39 Valleys Rugby League Football Club Ltd, Re [1997] 2 Qd R 645 …. 5.47 Van Reesema v Flavel (1987) 11 ACLR 463 …. 5.269 Versteeg v R (1988) 36 A Crim R 68 …. 4.83, 4.84, 5.35 Vines v ASIC (2007) 73 NSWLR 451; 62 ACSR 1; [2007] NSWCA 75 …. 3.67, 3.107, 3.108, 3.114 Viscariello v Macks (2014) 103 ACSR 542 …. 8.109 Vision Image (Aust) Pty Ltd, Re; Cheng v Yeo [1998] WASC 38 …. 2.54 Voli v Inglewood Shire Council (1963) 110 CLR 74; [1963] HCA 15 …. 3.113 Vrisakis v ASC (1993) 9 WAR 395; 11 ACSR 162; 11 ACLC 763 …. 3.65, 3.113, 3.118 VTB Capital plc v Nutritek International Corp [2013] 2 WLR 398 …. 2.27 W Walker v Wimbourne (1976) 137 CLR 1; 50 ALJR 446; 3 ACLR 529; [1976] HCA 7 …. 2.2, 2.4, 2.35, 2.42, 3.30, 3.31, 3.34, 3.35, 3.36, 3.45, 3.49, 3.136, 4.197 Waltons Stores (Interstate) Ltd v Maher (1988) 164 CLR 387 …. 4.132, 4.133, 4.134 Warman International Ltd v Dwyer (1995) 182 CLR 544; [1995] HCA 18 …. 3.177 Water Industry Salaried Officers’ Union v Professional Officers’ Association (NSW) (1987) 22 IR 414 …. 5.90

Watt v 3M Australia Pty Ltd [1984] 3 NSWLR 671; (1984) 9 ACLR 524; (1985) 3 ACLC 324 …. 1.16, 4.204, 5.6, 5.8, 5.122 Wave Capital Ltd, Re (2003) 47 ACSR 418; [2003] FCA 969 …. 8.70 Weaver as liquidator of Harburn Group Australia Pty Ltd v Harburn (2014) 103 ACSR 416 …. 3.78 Webb v Stenton (1883) 11 QBD 518 …. 5.141, 5.186 Weber v Land Agents Board (1986) 40 SASR 312 …. 5.89 Welwyn Hatfield Borough Council v Secretary of State for Communities and Local Government [2011] 2 AC 304 …. 2.27 West Mercia Safetywear Ltd (in liq) v Dodd [1988] BCLC 250; [1987] 4 BCC 30 …. 3.40, 3.42, 3.44, 3.45 Western Areas Exploration Pty Ltd v Streeter (No 3) (2009) 73 ACSR 494 …. 3.182 Westpac Banking Corporation v Bell Group Ltd (in liq) (No 3) (2012) 89 ACSR 1 …. 3.128, 3.134, 3.174 White (ACT) Pty Ltd (in liq) v GB White (2004) 49 ACSR 220; [2004] NSWSC 71 …. 5.231, 5.260 White and Osmond (Parkstone) Ltd, Re (10 June 1960, unreported) …. 14.31, 14.35 Whitehouse v Carlton Hotel Pty Ltd (1985) 10 ACLR 20 …. 3.80 — v — (1987) 162 CLR 285; 70 ALR 251; 61 ALJR 216 …. 3.25, 3.79, 3.80, 3.81, 3.82, 3.83, 3.84, 3.141 Wickstead v Browne (1992) 30 NSWLR 1; [1992] NSWCA 272 …. 5.127, 5.130, 5.141, 5.142, 5.169, 5.186 Wilkinson v Feldworth Financial Services Pty Ltd (1998) 29 ACSR 642 …. 3.112 William C Leitch Bros Ltd, Re [1932] 2 Ch 71 …. 14.21, 14.22, 14.26, 14.27, 14.28, 14.29, 14.31, 14.37, 16.21, 16.22, 16.23, 16.24, 16.25, 16.33 William C Leitch Bros Ltd (No 2), Re [1933] Ch 261 …. 14.75, 14.79

Williams (as liquidator of Scholz Motor Group Pty Ltd) (in liq) v Scholz [2008] QCA 094 …. 5.253, 6.62 Wilson HTM Investment Group Ltd v Pagliaro [2012] NSWLC 1068 …. 8.82, 8.107 Winkworth v Edward Baron Development Co Ltd [1987] 1 All ER 114; [1986] 1 WLR 1512 …. 3.37, 3.39, 3.40, 3.45 Winthrop Investments Ltd v Winns Ltd [1975] 2 NSWLR 666 …. 3.22, 3.25, 5.23, 8.46 Wood v Staunton (No 5) (1996) 86 A Crim R 183 …. 16.55 Woodgate v Davis (2002) 55 NSWLR 222; 42 ACSR 286; [2002] NSWSC 616 …. 5.2, 5.8, 5.9, 5.188, 10.1 Woolfson v Strathclyde Regional Council (1978) 38 P & CR 521 …. 2.39 Woods v Cann (1963) 80 WN (NSW) 1583 …. 3.28 Woolworths Ltd v Kelly (1991) 9 ACLC 539 …. 3.157 Wren v Lyndon (1971-1973) ACLC 27,383 …. 4.7, 4.8 Wynch v Grant (1854) 61 ER 739; 2 Drew 312 …. 5.141, 5.186 Y Young v Queensland Trustees Ltd (1956) 99 CLR 560; [1956] HCA 51 …. 5.123 — v Wicks (1986) 13 FCR 85 …. 5.90 Yukong Line Ltd or Korea v Rendsburg Investments Corp of Liberia (No 2) [1998] 1 WLR 294 …. 2.33 Z Zappia v Grant Baines Transport Pty Ltd (2010) 77 ACSR 573; [2010] NSWSC 98 …. 8.36

TABLE OF STATUTES References are to paragraph numbers Commonwealth Australian Consumer Law see Competition and Consumer Act 2010 Australian Securities and Investments Commission Act 2001 …. 5.21, 9.1, 9.70, 10.23 Pt 3 Div 1 …. 4.71 Pt 4 Div 1 …. 4.73 Bankruptcy Act 1924–1960 s 95 …. 5.227 Bankruptcy Act 1966 …. 4.204 s 82 …. 4.204 s 82(1) …. 7.34 s 82(1)–(2) …. 7.34 s 82(2) …. 7.34 s 121(1) …. 16.29 Close Corporations Act 1989 …. 1.14 s 152 …. 1.14 ss 155–157 …. 1.14 Commonwealth of Australia Constitution Act 1900 …. 16.4 s 51(xx) …. 16.4

s 51(xxxix) …. 16.4 Competition and Consumer Act 2010 s 18 …. 2.2 s 87CB(3) …. 9.4 Sch 2 …. 2.2, 5.169 Corporate Law Economic Reform Program Act 1999 …. 8.77 Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Act 2004 …. 8.106 Corporate Law Reform Act 1992 …. 4.201, 6.68 s 111 …. 4.2 Corporations Act 1989 s 589(1) …. App 5 s 589(2) …. App 5 s 589(3) …. App 5 s 589(4) …. App 5 s 589(5) …. App 5 s 589(6) …. App 5 s 592(1) …. App 5 s 592(2) …. App 5 s 592(3) …. App 5 s 592(4) …. App 5 s 592(5) …. App 5 s 592(6) …. App 5 s 592(7) …. App 5 s 592(8) …. App 5 s 593(1) …. App 5

s 593(2) …. App 5 s 593(3) …. App 5 s 593(4) …. App 5 s 593(5) …. App 5 s 593(6) …. App 5 s 593(7) …. App 5 s 593(8) …. App 5 s 594 …. App 5 Corporations Act 2001 …. 1.2, 1.5, 1.6, 1.9, 1.15, 1.23, 1.28, 2.45, 2.47, 3.9, 3.11, 3.98, 3.101, 3.102, 3.122, 3.130, 4.44, 4.139, 4.201, 5.11, 5.12, 5.13, 5.14, 5.15, 5.16, 5.60, 5.66, 5.87, 5.128, 5.224, 6.1, 7.9, 8.70, 8.75, 8.80, 9.1, 9.13, 9.36, 9.40, 9.41, 9.42, 9.52, 9.58, 9.70, 9.84, 9.85, 9.86, 10.11, 10.12, 10.23, 12.1, 12.11, 15.2, 15.7, 15.38, 15.43, 16.6, 16.10, 16.11, 16.18, 16.19 Ch 9 …. 10.23 Pt 2D.1 …. 8.44 Pt 2D.1 Div 4 …. 5.11 Pt 2J.1 Div 1 …. 5.207 Pt 5.3A …. 4.72 Pts 5.4–5.8 …. 9.41 Pt 5.4 Div 2 …. 1.2 Pt 5.4 Div 3 …. 1.2 Pt 5.5 …. 9.38, 9.50 Pt 5.6 …. 9.38, 9.50 Pt 5.7 …. 5.42, 5.264, 8.57, 9.37, 9.50, 9.61 Pt 5.7B …. 6.37, 6.67, 6.68, 8.2, 8.3, 8.6, 9.37, 9.38, 9.41, 9.50, 9.53, 9.54, 9.55, 9.61, 9.81 Pt 5.7B Div 3 …. 1.15, 4.2, 5.32, 5.42, 5.224, 5.286, 6.38, 9.57, 9.58

Pt 5.7B Div 4 …. 5.41, 7.34, 8.2, 8.7, 8.22, 9.57, 9.58 Pt 5.7B Div 4 Subdiv A …. 8.2 Pt 5.7B Div 4 Subdiv B …. 8.2, 8.25, 8.32, 8.33 Pt 5.7B Div 5 …. 7.17, 9.57, 9.58 Pt 5.8 …. 4.75, 9.81 Pt 6.5 Div 5 Subdiv D …. 5.268 Pt 7.10 …. 5.16 Pt 9.4AA …. 5.32, 6.37 Pt 9.4B …. 3.167, 8.2, 8.3, 8.76, 8.77, 8.78, 8.80 Div 5 …. 7.8 Div 6 …. 7.9 s 5F …. 9.36, 9.40, 9.49, 9.52, 9.57, 9.84 s 9 …. 3.98, 3.99, 4.79, 4.84, 5.48, 5.49, 5.50, 5.51, 5.52, 5.57, 5.84, 5.86, 5.87, 5.110, 5.114, 5.115, 5.264, 5.266, 5.268, 7.9, 7.15, 7.18, 8.71, 8.88, 10.11 s 9(a) …. 5.51, 5.52, 5.58 s 9(a)(i) …. 5.54 s 9(b) …. 5.50, 5.52, 5.53, 5.58, 5.63, 5.64 s 9(b)(i) …. 5.51, 5.65 s 9(b)(ii) …. 5.49, 5.51, 5.78, 5.82, 5.83, 5.84, 5.85, 5.87, 5.94, 5.99, 5.105, 5.111, 5.114 s 46 …. 7.10, 7.11, 7.12 s 46(a) …. 7.12 s 46(a)(i) …. 7.12 s 46(a)(ii) …. 7.12 s 46(a)(iii) …. 7.12 s 47 …. 7.11

s 48 …. 7.13 s 48(3) …. 7.13 s 48(4)–(5) …. 7.13 s 48(4) …. 7.14 s 48(5) …. 7.14 s 50 …. 7.9 s 58A(1) …. 8.6, 8.12, 8.14, 8.16, 8.17, 8.38 s 58AA …. 1.2, 8.2, 8.52, 8.64, 8.66, 8.80, 8.81, 8.84, 8.89, 8.90, 8.96, 8.104, 8.105, 8.106, 8.108 s 58AA(1) …. 8.3, 8.7, 8.9, 8.11 s 60 …. 5.75, 5.104 s 60(2) …. 5.104 s 73A …. 8.14, 8.15 s 85A …. 5.52 s 95 …. 5.225 s 95A …. 1.13, 5.222, 5.223, 5.224, 5.225, 5.227, 5.228, 5.230, 5.239, 5.242, 5.245, 5.247, 7.23 s 95A(1) …. 5.244 s 95A(2) …. 5.224, 5.244, 5.245 s 109D …. 1.15 s 112 …. 2.1, 2.17 s 127 …. 1.21 s 128 …. 4.80 s 129 …. 4.80 s 130(1) …. 2.8 s 130(2) …. 2.8 s 131 …. 2.46

s 131(2) …. 2.46 s 131(4) …. 2.46 ss 135–141 …. 5.24 s 136 …. 3.21 s 179(2) …. 3.98 s 180 …. 1.23, 3.62, 3.98, 3.101, 3.102, 3.104, 3.107, 3.111, 3.112, 3.114, 3.120, 3.122, 3.146, 3.102, 10.11, 10.14, 10.24 ss 180–183 …. 3.98 s 180(1) …. 3.101, 3.103, 3.112, 3.115, 3.121, 3.122, 3.167, 3.103, 5.16, 8.44, 8.76 s 180(1)(a) …. 3.110 s 180(1)(b) …. 3.111 s 180(2) …. 3.64, 3.112, 3.122, 3.124, 10.24 s 180(3) …. 3.121, 3.122, 3.123 s 181 …. 3.92, 3.98, 3.101, 3.127, 3.128, 3.146, 5.16 ss 181–183 …. 3.100, 3.144 s 181(1) …. 3.126, 3.133, 3.167, 8.76 s 181(1)(a) …. 3.128, 3.129 s 181(1)(b) …. 3.128 s 181(2) …. 3.167, 8.76 s 182 …. 3.45, 3.92, 3.98, 3.101, 3.139, 3.140, 3.141, 3.144, 3.146, 3.151 s 182(1) …. 3.144, 3.146, 3.167, 5.16, 8.76 s 182(2) …. 3.167, 8.76 s 183 …. 3.35, 3.92, 3.98, 3.147, 3.150 s 183(1) …. 3.167, 5.16, 8.76 s 183(2) …. 3.167, 8.76 s 184 …. 3.167

s 184(1) …. 3.133, 3.168, 3.169, 12.2 s 184(2) …. 3.170, 3.171, 12.3 s 184(2)(a) …. 3.171 s 184(3) …. 3.172, 12.4 s 187 …. 7.16 s 188 …. 2.29, 5.17 s 190(2) …. 3.112 s 191 …. 3.155, 3.160, 3.161, 3.162 ss 191–195 …. 3.98, 3.101 ss 191–196 …. 3.72 s 191(1) …. 3.152, 3.153, 3.154 s 191(2) …. 3.152, 3.153, 3.156, 3.157 s 191(3) …. 3.154, 3.157 s 191(4) …. 3.155 s 192 …. 3.159, 3.160 s 192(1) …. 3.158, 3.162 s 192(2) …. 3.158 s 192(3) …. 3.158 s 192(4) …. 3.158 s 192(5) …. 3.159 s 192(6) …. 3.159 s 192(7) …. 3.159 s 193 …. 3.160 s 194 …. 3.161 s 195 …. 3.165 s 195(1) …. 3.162, 3.164

s 195(1A) …. 3.162 s 195(1B) …. 3.162 s 195(2) …. 3.162, 3.163 s 195(3) …. 3.162, 3.163 s 195(4) …. 3.164 s 195(5) …. 3.165 s 196 …. 3.163, 3.165 s 198A …. 5.24 s 198A(1) …. 5.11 s 198A(2) …. 5.11 s 198C …. 5.11 s 198D …. 3.112 s 198E …. 5.12 s 201A(1) …. 5.13 s 201A(2) …. 5.13 s 201B …. 5.13 s 201B(1) …. 5.52 s 201D(1) …. 5.13 s 201D(2) …. 5.13 s 201K …. 5.57 s 205 …. 7.12 s 205B …. 5.50 s 206C …. 8.9, 8.84 s 206C(1)(a)(i) …. 8.84 s 229(3) …. 9.84 s 232 …. 3.21

s 232(4) …. 3.112, 3.113 s 232(6) …. 3.140 s 237 …. 8.41, 8.42 s 239 …. 8.51 s 239(1) …. 8.41 s 239(2) …. 8.42 s 249C …. 5.50 s 251A …. 3.112 s 251A(3) …. 5.50 s 254E …. 8.70 s 286 …. 5.266, 5.270, 5.272 s 286(1) …. 5.265, 5.269, 5.271, 5.272 s 286(2) …. 5.265, 5.267, 5.271, 5.272 s 286(3) …. 5.272 s 287(1) …. 5.267 s 287(2) …. 5.267 s 298 …. 5.16 s 298(3) …. 5.16 s 298(4) …. 5.16 s 299 …. 5.16 s 300 …. 5.16 s 300A …. 5.16 s 300B …. 5.16 s 306 …. 5.16 s 459C(c) …. 5.9 s 461 …. 2.49

s 461(k) …. 2.49 s 471B …. 1.2 s 482 …. 4.71, 16.11 s 516 …. 2.17 s 535 …. 4.212 s 556 …. 4.212, 5.30 s 562 …. 8.30 s 572(1) …. 4.75 s 572(3) …. 4.75 s 588 …. 5.2 s 588(2) …. 6.55 s 588(9) …. 5.273 s 588E …. 4.55, 5.272, 5.273, 10.11 s 588E(1)(a)–(f) …. 5.271 s 588E(3) …. 5.263, 5.264 s 588E(4) …. 5.263, 5.265, 5.266, 5.271 ss 588E(5)–(7) …. 5.265 s 588E(6) …. 5.272 s 588F …. 8.25 s 588FB …. 5.207 s 588FF …. 8.39 s 588FGA …. 6.68 s 588FGB …. 6.67, 6.68 s 588FGB(5) …. 6.68 s 588G …. 1.6, 1.10, 1.17, 4.11, 4.14, 4.98, 4.212, 5.2, 5.8, 5.9, 5.10, 5.16, 5.28, 5.32, 5.36, 5.37, 5.38, 5.41, 5.42, 5.43, 5.46, 5.75, 5.105, 5.115, 5.116, 5.118, 5.119, 5.123, 5.126, 5.129, 5.130, 5.131, 5.137, 5.141,

5.156, 5.187, 5.195, 5.202, 5.206, 5.207, 5.284, 5.286, 5.288, 5.290, 5.298, 6.36, 6.46, 6.47, 6.55, 6.63, 6.67, 6.68, 7.8, 7.18, 7.23, 7.34, 8.2, 8.6, 8.30, 8.57, 8.63, 8.74, 8.75, 9.11, 9.43, 9.57, 9.58, 9.81, 10.11, 15.1, App 6 ss 588G–588Y …. 1.1, 1.15, 1.18, 2.2, 2.8, 2.47, 3.98, 4.2, 5.223, 9.37, 9.40, 9.41, 9.42, 9.50, 9.58, 9.61, 9.84, 9.85, 9.86, 10.9 ss 588G–588Z …. 2.47, 5.42 s 588G(1) …. 1.5, 5.11, 5.34, 5.36, 5.46, 5.127, 5.129, 5.180, 5.188, 5.222, 5.274, 5.279, 5.285, 5.288, 5.294, 5.298, 7.18 s 588G(1)(a) …. 5.46 s 588G(1)(b) …. 1.10, 5.222, 5.223 s 588G(1)(c) …. 5.274, 5.276 s 588G(1)(d) …. 5.285 s 588G(1A) …. 5.128, 10.11 s 588G(2) …. 1.10, 3.167, 5.34, 5.40, 5.180, 5.188, 5.288, 5.289, 5.290, 5.294, 5.295, 6.50, 8.1, 8.2, 8.3, 8.4, 8.8, 8.9, 8.11, 8.19, 8.23, 8.32, 8.39, 8.76, 9.82, 10.11 s 588G(2)–(4) …. 5.298 s 558G(2)(a) …. 5.288, 5.292, 5.293, 10.11 s 558G(2)(b) …. 5.276, 5.288, 5.292, 5.296, 10.11 s 588G(3) …. 1.10, 5.41, 5.188, 8.1, 8.2, 8.4, 8.5, 8.6, 8.8, 8.14, 8.15, 8.19, 8.23, 8.32 s 588G(3)(a) …. 5.41, 8.5 s 588G(3)(aa) …. 5.41, 8.5 s 588G(3)(b) …. 5.41, 8.5 s 588G(3A) …. 1.10, 5.41, 8.5 s 588G(3B) …. 5.41, 8.5 s 588G(4) …. 5.41, 8.2

s 588H …. 1.23, 4.114, 5.44, 5.140, 5.298, 6.31, 6.39, 6.46, 6.47, 6.64, 6.67, 6.68, 6.75, 8.52, 9.44, 9.57, 10.11, 10.25, App 6 s 588H(2) …. 6.39, 6.42, 6.47, 6.49, 6.50, 6.51, 6.52, 6.55, 10.11 s 588H(3) …. 6.39, 6.56, 6.58, 6.61, 6.62, 6.64, 10.11 s 588H(3)(a) …. 6.59 s 588H(4) …. 6.39, 6.65, 6.66, 6.68, 6.69, 10.11 s 588H(5) …. 6.39, 6.70, 6.71, 6.72, 6.73, 6.74, 10.11, 10.20, 10.21 s 588H(6) …. 6.70, 10.20, 10.21 s 588J …. 5.42, 8.8, 8.12, 8.13, App 6 ss 588J–588Q …. 5.298 s 588J(1) …. 8.1, 8.2, 8.7, 8.8, 8.9, 8.10, 8.16 s 588J(2) …. 8.11 s 588J(3) …. 8.11 s 588K …. 5.42, 8.1, 8.2, 8.7, 8.8, 8.14, 8.15, 8.16, 8.17, 8.18, App 6 s 588K(b)(ii) …. 8.16 s 588L …. 8.2, 8.12, 8.16, App 6 s 588M …. 5.9, 5.39, 5.42, 5.137, 7.34, 8.19, 8.20, 8.21, 8.22, 8.24, 8.25, 8.27, 8.28, 8.29, 8.30, 8.31, 8.32, 8.35, 8.37, 8.38, 8.39, 8.74, App 6 s 588M(1) …. 8.1, 8.2, 8.7, 8.22, 8.32, 8.33, 8.38 s 588M(1)(e) …. 8.19 s 588M(1)(f) …. 8.19 s 588M(2) …. 5.123, 8.1, 8.2, 8.7, 8.22, 8.30, 8.32 s 588M(3) …. 5.123, 6.55, 8.1, 8.2, 8.7, 8.20, 8.32, 8.33, 8.34 s 588M(4) …. 8.2, 8.7, 8.27, 8.34 s 588N …. 8.31, App 6 s 588P …. 8.13, 8.18, 8.31, App 6 s 588Q …. 8.6, App 6

s 588R …. 5.42, 5.179, 8.7, 8.33, 8.35, 8.36, 8.38, 8.39, App 6 ss 588R–588U …. 5.298 s 588R(1) …. 8.35 s 588S …. 8.7, 8.33, 8.37, 8.38, App 6 s 588T …. 8.7, 8.33, 8.38, 8.39, App 6 s 588T(2)(a) …. 8.38 s 588T(2)(b) …. 8.38 s 588T(3)(a) …. 8.38 s 588T(3)(b) …. 8.38 s 588U …. 8.7, 8.33, 8.38, App 6 s 588U(1) …. 8.39 s 588U(2) …. 8.39 s 588V …. 1.6, 1.12, 5.111, 6.38, 7.7, 7.17, 7.18, 7.19, App 6 ss 588V–588X …. 5.111 ss 588V–588Y …. 2.15, 7.8 s 588V(1) …. 1.11 s 588V(1)(d) …. 7.18 s 588V(1)(d)(i) …. 7.18, 7.23, 7.28 s 588V(1)(d)(ii) …. 7.18 s 588V(1)(d)(ii)(A) …. 7.18 s 588V(1)(d)(ii)(B) …. 7.18 s 588V(2) …. 1.12, 7.17 s 588W …. 5.111, 7.7, 7.19, 7.21, 7.32, 7.33, App 6 s 588W(1) …. 7.19 s 588W(2) …. 7.20 s 588X …. 1.23, 5.111, 9.44, App 6

s 588X(2) …. 7.22 s 588X(2)–(5) …. 7.21 s 588X(3) …. 7.24 s 588X(4) …. 7.28, 7.30 s 588X(5) …. 7.31 s 588X(6) …. 7.23 s 588Y …. 7.20, 7.35, 8.13, 8.17, 8.26, App 6 s 588Y(1) …. 7.32, 8.13, 8.15, 8.24 s 588Y(2) …. 7.33, 8.13, 8.17, 8.25 s 588Y(3) …. 8.25 s 589 ….. 1.5, 1.15, 1.28, 4.2, 4.44, 4.70, 4.95, 4.194, 9.13, 10.11, 12.11, 12.13, 15.1, 15.5, 15.6, 15.43 ss 589–598 …. 9.85, 9.86 s 589(1) …. 4.45, 4.50, 4.70, 4.71, 4.93, 4.98, 12.12, 16.11 s 589(1)(a) …. 4.70, 4.74 s 589(1)(b) …. 4.70 s 589(1)(ba) …. 4.70 s 589(1)(c) …. 4.72 s 589(1)(ca) …. 4.72 s 589(1)(d) …. 4.73 s 589(1)(f) …. 4.60, 4.75 s 589(1)(g) …. 4.76 s 589(2) …. 4.73 s 589(3) …. 4.75, 4.75 s 589(4) …. 4.60, 4.76, 9.15, 9.23 s 589(5) …. 16.11

ss 590–593 …. 4.75 s 592 …. 2.47, 4.2, 4.44, 4.45, 4.50, 4.70, 4.78, 4.81, 4.84, 4.98, 4.103, 4.108, 4.109, 4.113, 4.120, 4.128, 4.136, 4.183, 4.189, 4.194, 5.32, 5.175, 5.176, 5.195, 5.217, 6.35, 6.36, 9.58, 9.84, 15.1, 16.37 ss 592–593 …. 1.15, 2.47, 9.10 s 592(1) …. 4.14, 4.46, 4.48, 4.49, 4.88, 4.90, 4.92, 4.99, 4.102, 4.126, 4.136, 4.151, 4.156, 4.183, 4.189, 4.204, 4.209, 5.116, 5.217, 6.1, 7.29, 15.1 s 592(1)–(5) …. 1.15, 2.47 s 592(1)(b) …. 4.86, 4.100 s 592(1)(c) …. 4.59, 4.92 s 592(2) …. 4.114, 4.148, 6.1, 9.25 s 592(2)(a) …. 4.47, 4.151, 4.156, 4.157, 4.162, 4.165, 4.166, 4.175, 4.192, 4.194, 6.35, 7.22, 9.31 s 592(2)(b) …. 4.47, 4.153, 4.154, 4.179, 4.179, 4.180, 4.181, 4.182, 4.183, 4.186, 4.187, 4.189, 4.192, 4.194, 6.32, 6.42, 9.31 s 592(2)(b)(i) …. 4.181, 4.99 s 592(2)(b)(ii) …. 4.181, 4.99 s 592(3) …. 4.46 s 592(4) …. 4.46 s 592(5) …. 4.48, 16.53 s 592(6) …. 1.1, 1.6, 1.27, 1.28, 2.2, 2.47, 2.48, 12.11, 12.12, 12.13, 15.1, 15.4, 15.5, 15.6, 15.43, 16.10, 16.11, 16.12, 16.43, 16.50, 16.51, 16.52, 16.53 s 592(6)(a) …. 16.37 s 592(6)(b) …. 16.11 s 592(6A) …. 15.1, 16.11 s 592(7) …. 1.15, 2.47, 16.11, 16.53

s 592(8) …. 1.15, 2.47, 16.11 s 593 …. 2.47, 4.2, 4.44, 4.50, 4.70, 4.194, 4.199, 4.204, 15.1 s 593(1) …. 1.15, 2.47, 4.205 s 593(2) …. 2.47, 2.48, 12.11, 12.12, 12.13, 15.1, 15.6, 15.43, 16.10, 16.11, 16.46, 16.47, 16.49, 16.51, 16.53 s 593(3) …. 4.203, 16.11, 16.53 s 593(4)–(8) …. 1.15, 2.47 s 593(3)(6) …. 16.51 s 594 …. 4.2, 4.208 s 594(5) …. 4.205 s 596AB …. 8.31 s 596AC …. 8.31 s 1041A …. 5.16 s 1041B …. 5.16 s 1041E …. 5.16 s 1041F …. 5.16 s 1041G …. 5.16 s 1041H …. 3.120, 5.16 s 1041I …. 5.16 ss 1300–1306(3) …. 5.268 s 1311 …. 5.270 s 1312 …. 5.270 s 1317(1) …. 5.289 s 1317DA …. 8.3, 8.76, 8.103 s 1317E …. 3.167, 8.1, 8.80, 8.83, 8.84, 8.89, 8.107, 8.112, 9.82 s 1317E(1) …. 8.3, 8.80, 8.81

s 1317E(1) items 1–13 …. 8.76 s 1317E(1) item 46 …. 8.76 s 1317E(2) …. 8.3, 8.80, 8.81, 8.82 s 1317EA …. 8.77 s 1317EA(3) …. 8.90 s 1317EB(1) …. 8.80 s 1317F …. 8.82 s 1317FB …. 8.77 s 1317G …. 8.3, 8.9, 8.80, 8.90, 9.82 s 1317G(1) …. 8.1, 8.3, 8.90 s 1317G(1)(a) …. 8.89, 8.90 s 1317G(1)(aa) …. 8.90 s 1317G(1)(b) …. 8.90 s 1317G(1A)–1317G(1G) …. 8.76, 8.88 s 1317G(2) …. 8.95 s 1317GA …. 8.3, 8.80 s 1317H …. 8.3, 8.80, 8.83, 8.103, 8.104, 8.107, 8.109 s 1317H(1) …. 8.1, 8.3, 8.104, 8.107 s 1317H(2) …. 8.108 s 1317H(3) …. 8.108 s 1317H(5) …. 8.108 s 1317HA …. 8.3, 8.80, 8.83, 8.103, 8.104, 8.107 s 1317HB …. 8.3, 8.80, 8.103 s 1317J …. 8.80, 8.88, 8.109, 9.83 s 1317J(1) …. 8.80, 8.88, 8.109 s 1317J(2) …. 8.109, 8.112

s 1317J(3) …. 8.80, 8.88 s 1317J(4) …. 8.80, 8.88, 8.109 s 1317K …. 3.182, 8.80, 8.88, 8.109, 8.111, 9.83 s 1317L …. 8.3, 8.80, 8.84, 8.96 s 1317M …. 8.3, 8.80, 8.84, 8.97, 8.115 ss 1317M–1317P …. 9.82 s 1317N(1) …. 8.85, 8.98 s 1317N(1)(a) …. 8.115 s 1317N(1)(b) …. 8.115 s 1317N(2) …. 8.85, 8.98, 8.115 s 1317P …. 8.1, 8.79, 8.113 s 1317P(1) …. 8.113 s 1317P(2) …. 8.113 s 1317Q(1) …. 8.99, 8.116 s 1317Q(2) …. 8.99, 8.116 s 1317R(1) …. 8.86, 8.100 s 1317R(2) …. 8.86, 8.101 s 1317R(3) …. 8.117 s 1317R(4) …. 8.87, 8.102, 8.118 s 1317R(5) …. 8.87, 8.102, 8.118 s 1316R(6) …. 8.87, 8.102, 8.118 s 1317R(7) …. 8.3, 8.80 s 1317S …. 3.67, 3.183, 4.211, 5.44, 6.75, 6.76, 8.40, 8.52, 8.53, 8.54, 8.55, 8.58, 8.59, 8.61, 8.64, 8.71, 8.72, 8.74, 8.75, 9.83, 10.11, 10.25, App 6 s 1317S(1) …. 8.55 s 1317S(2) …. 8.3, 8.52, 8.56, 8.57, 8.62, 8.64, 8.80

s 1317S(2)(b)(i) …. 8.72, 8.75 s 1317S(2)(b)(ii) …. 8.72, 8.75 s 1317S(3) …. 8.57, 8.63, 8.74 s 1317S(4) …. 8.3, 8.52, 8.64, 8.80 s 1317S(5) …. 8.3, 8.64, 8.80 s 1317S(7) …. 8.71 s 1318 …. 3.67, 3.183, 4.114, 4.211, 5.44, 6.75, 6.77, 8.40, 8.52, 8.53, 8.65, 8.66, 8.67, 8.68, 8.71, 8.72, 8.74, 8.75, 9.83, 10.11, 10.25, App 6 s 1318(1) …. 4.211, 8.3, 8.52, 8.65, 8.66, 8.71, 8.73, 8.80 s 1318(2) …. 8.3, 8.52, 8.66, 8.67, 8.71, 8.80 s 1318(4) …. 8.65 s 1318(5) …. 8.65 s 1322 …. 8.70, 8.111 s 1324 …. 3.38 s 1325D …. 8.70 s 1332 …. 5.37 s 1335 …. 9.49 s 1399 …. 3.102 s 1400 …. 3.102, 5.286, 5.287 Sch 2 …. 9.61 Corporations (Ancillary Provisions) Act 2001 …. 9.1, 9.53 Pt 3 …. 9.1, 9.50 s 21 …. 9.58 Corporations Law 1989 see Corporations Act 1989 Corporations Law 1991 …. 5.28, 6.33, 10.5 Crimes Act 1914

s 21B …. 5.20 Criminal Code Act 1995 s 6.1 …. 3.152, 5.41, 8.5 s 6.2 …. 5.41, 8.5, 16.11 Evidence Act 1995 s 140 …. 5.37 Income Tax Assessment Act 1936 …. 5.20 Insolvency (Tax Priorities) Legislation Amendment Act 1993 …. 5.20 Personal Liability for Corporate Fault Reform Act 2012 …. 2.29, 5.17 Sch …. 2.29 Supreme Court Rules Pt 31 r 2 …. 5.9 Taxation Administration Act 1953 s 8Y …. 5.20 Trade Practices Act 1974 …. 5.169, 8.91 s 52 …. 5.143 Australian Capital Territory Associations Incorporation Act 1991 …. 9.3, 9.8, 9.60 s 4 …. 9.7 s 22 …. 9.3 s 32 …. 9.50 s 51 …. 9.6, 9.60, App 8 s 91 …. 9.61 s 107 …. App 8 ss 107–110 …. 9.60

ss 108–110 …. 9.6 s 108 …. App 8 s 109 …. App 8 s 110 …. App 8 Associations Incorporation Regulation 1991 …. 9.8 Civil Law (Wrongs) Act 2002 s 107D …. 9.4 Companies Act 1962 …. 4.1, 4.20, 12.10, 12.11, 16.3, 16.6, 16.7 Pt VIA …. 4.23, 16.9 Pt X Div 5 …. 16.9 s 5 …. 4.22 s 291(1) …. 4.12 s 303 …. 4.5, 4.11 s 303(3) …. 4.1, 4.2, 4.4, 4.5, 4.6, 4.11, 4.12, 4.15, 4.16, 4.17, 4.18, 4.22, 4.24 s 304 …. 4.19, 12.10, 16.3 s 304(1A) …. 4.2, 4.17, 4.18, 4.19 s 304(2) …. 4.2, 4.17, 4.19 s 304(3) …. 4.2, 4.17 s 374C …. 4.20, 4.23, 4.26, 4.28, 4.29 ss 374C–374E …. 4.44 s 374C(1) …. 4.20, 4.21, 4.22 ss 374C(1)–374E …. 4.2 s 374C(2) …. 12.10, 16.3, 16.8, 16.9 s 374C(3) …. 4.21 s 374D …. 4.20, 4.27

s 374D(1) …. 16.8, 16.9 s 374E …. 4.20, 16.9 s 374E(1) …. 4.23 s 374E(2) …. 4.23 Co-operatives Act 2002 …. 9.67, 9.80 s 13 …. 9.84 s 15(1) …. 9.84 Co-operatives Regulation 2002 …. 9.67 New South Wales Associations Incorporation Act 2009 …. 9.3, 9.8 Pt 7 Div 1 …. 9.12 Pt 7 Div 2 …. 9.12 s 4 …. 9.3 s 5 …. 9.7 s 8 …. 9.3 s 26(2) …. 9.6 s 67(1) …. 9.12 s 67(3) …. 9.13, 9.23 s 68 …. 9.13 ss 68–70 …. 9.10 s 68(1) …. 9.11, 9.16, 9.19, App 10 s 68(2) …. 9.17, App 10 s 68(3) …. 9.18, App 10 s 68(4) …. App 10 s 69 …. App 10 s 70(1) …. 9.19, 9.20, App 10

s 70(2) …. App 10 s 70(3) …. 9.20, App 10 s 70(4) …. 9.20, App 10 s 70(5) …. 9.20, App 10 s 70(6) …. App 10 Associations Incorporation Regulations 2010 …. 9.8 Sch 1 cl 35 …. 1.23 Civil Liability Act 2002 s 34(2) …. 9.4 Civil Procedure Act 2005 …. 8.36 Companies Act 1874 …. 16.1 Companies Act 1899 …. 16.1 Companies Act 1906 …. 16.1 Companies Act 1936 …. 12.7, 12.10, 15.7, 15.14, 16.1 s 307 …. 1.1, 11.4, 12.9, 15.6, 15.7, 15.10, 15.11, 15.18, 15.20, 16.2, 16.7 s 307(1) …. 15.8, 15.15, App 1 s 307(2) …. 15.8, App 1 s 307(3) …. 15.8, 15.15, App 1 s 307(4) …. 15.8, App 1 s 307(5) …. App 1 s 307(6) …. 15.13, App 1 s 307(7) …. App 1 s 307(8) …. 15.8, App 1 Companies Act 1961 …. 1.4, 4.1, 4.79, 5.3, 10.2, 12.10, 12.11, 15.7, 15.17, 15.36, 16.1, 16.3, 16.6, 16.7 Pt VIA …. 4.23, 15.23, 15.27, 16.9

Pt IX …. 4.9 Pt X Div 5 …. 16.9 s 5 …. 4.4, 4.9, 4.22 s 5(1) …. 5.69 s 122 …. 4.26 s 124(1) …. 5.70 s 180(1) …. 4.200 s 291 …. 5.150, 5.167 s 291(1) …. 4.12, 5.166, 5.156, 5.166 s 303 …. 4.5, 4.11, 4.20, 4.186 s 303(1) …. App 2 s 303(2) …. App 2 s 303(3) …. 1.14, 4.1, 4.2, 4.4, 4.5, 4.6, 4.11, 4.12, 4.15, 4.16, 4.17, 4.18, 4.22, 4.24, 4.35, 4.89, 4.103, 4.109, 4.112, 5.143, 5.155, 5.156, 5.157, 5.158, 5.161, 5.166, 5.167, 15.19, App 2 s 304 …. 4.19, 12.10, 15.6, 15.17, 15.19, 15.20, 15.21, 15.30, 16.3, 16.8 s 304(1) …. 15.17, 15.18, 16.8, App 2 s 304(1A) …. 4.2, 4.17, 4.18, 4.19, 4.20, 15.19, 15.22, App 2 s 304(2) …. 4.2, 4.17, 4.19, 15.17, 15.19, 16.8, App 2 s 304(3) …. 4.2, 4.17, 15.17, App 2 s 304(4) …. 15.18, 16.8, App 2 s 304(5) …. App 2 s 304(6) …. 15.18, App 2 s 305 …. 15.18 s 306(1) …. 4.5 s 308 …. 15.29 s 308(3) …. 15.29

s 365 …. 4.211 s 367B …. 3.31, 3.32 s 367B(1)(b) …. 3.31 s 374C …. 1.16, 4.20, 4.23, 4.26, 4.28, 4.29, 4.36, 4.109, 5.143, 5.187, 5.212, 10.3 ss 374C–374E …. 4.44 s 374C(1) …. 1.14, 4.20, 4.21, 4.22, 4.35, 4.36, 4.37, 4.39, 4.40, 4.41, 4.78, 4.88, 4.89, 4.90, App 3 ss 374C(1)–374E …. 4.2 s 374C(2) …. 12.10, 15.6, 15.22, 15.25, 15.26, 15.29, 15.30, 15.34, 16.3, 16.8, 16.9, App 3 s 374C(3) …. 4.21, App 3 s 374D …. 4.20, 4.27, 4.35, 4.36, 4.38, 4.39, 4.40, 15.22 s 374D(1) …. 4.35, 4.36, 4.37, 4.40, 4.203, 15.31, 15.35, 16.8, 16.9, App 3 s 374D(1)(a) …. 4.36 s 374D(1)(b) …. 15.30 s 374D(1A) …. 4.35, 15.31, App 3 s 374D(2) …. 15.33, App 3 s 374D(3) …. App 3 s 374D(4) …. 15.34, App 3 s 374D(5) …. 15.35, App 3 s 374E …. 4.20, 15.22, 16.9 s 374E(1) …. 4.23, 15.23, 15.24, 15.25, 15.32, App 3 s 374E(2) …. 4.23, 15.29, 15.32, App 3 s 374E(2)(a) …. 15.29 s 374E(2)(b) …. 15.29 Companies Amendment Act 1964

s 5(1)(a) …. 15.19 s 5(1)(b) …. 15.19 s 303(3) …. 4.17 s 304(1A) …. 4.4 Companies (NSW) Code 1981 …. 1.17, 4.44, 4.53, 4.71, 4.86, 4.139, 4.170, 4.201, 5.6, 10.6, 15.7, 15.37, 15.39, 15.41, 15.43, 16.6, 16.10 Pt XI …. 4.86 Pt XII Div 6 …. 4.68 Pt XIII Div 5 …. 4.68 s 5 …. 15.38 s 5(1) …. 4.82 s 60 …. 4.79 s 164 …. 4.80 s 229(2) …. 3.113 s 229(4) …. 3.45 s 242(10) …. 4.80 s 374C …. 4.44, 4.90 s 374D …. 4.44 s 374D(1) …. 4.201 s 451 …. 4.130 s 459(1) …. 4.57 s 459(3) …. 4.57 s 461 …. 4.52, 4.71 s 469(1) …. 4.68, 15.38 s 535 …. 4.212 s 535(1) …. 4.114, 4.209

s 553 …. 4.2, 4.44, 4.51, 4.65, 4.68, 4.70, 4.74, 4.95, 4.194, 10.11, 12.11, 15.6 s 553(1) …. 4.45, 4.50, 4.51, 4.52, 4.53, 4.57, 4.59, 4.70, 4.93, 4.98, 4.122, 4.194, 15.13, 15.37, 15.38, 16.11, App 4 s 553(1)(a) …. 4.51 s 553(1)(b) …. 4.51 s 553(1)(c) …. 4.53 s 553(1)(d) …. 4.54 s 553(1)(e) …. 4.55 s 553(1)(f) …. 4.56, 4.59, 4.60, 4.64, 4.75 s 553(1)(g) …. 4.66 s 553(2) …. 4.57, 4.64, 4.76, App 4 s 553(2)(a) …. 4.64 s 553(2)(b) …. 4.58, 4.59, 4.60, 4.62, 4.63, 4.64, 4.76 s 553(3) …. 4.68, 15.41, 16.11, App 4 ss 554–557 …. 4.51 s 556 …. 1.17, 4.2, 4.44, 4.45, 4.47, 4.50, 4.59, 4.61, 4.64, 4.67, 4.78, 4.81, 4.82, 4.84, 4.86, 4.90, 4.98, 4.103, 4.108, 4.109, 4.112, 4.113, 4.113, 4.114, 4.120, 4.124, 4.128, 4.136, 4.138, 4.143, 4.189, 4.194, 4.207, 4.212, 5.6, 5.118, 5.120, 5.121, 5.122, 5.142, 5.143, 5.151, 5.194, 5.201, 5.218, 6.4, 6.5, 6.13, 10.6, 10.11 ss 556–557 …. 4.46, 4.68 s 556(1) …. 1.14, 4.14, 4.16, 4.46, 4.48, 4.49, 4.60, 4.64, 4.66, 4.68, 4.83, 4.87, 4.88, 4.90, 4.92, 4.95, 4.96, 4.99, 4.102, 4.109, 4.111, 4.115, 4.123, 4.126, 4.137, 4.139, 4.140, 4.143, 4.147, 4.148, 4.151, 4.156, 4.178, 4.183, 4.189, 4.194, 4.204, 4.206, 4.209, 4.210, 4.211, 5.152, 5.153, 6.1, 6.13, 7.29, 15.40, App 4 s 556(1)(a) …. 5.512 s 556(1)(b) …. 4.86, 4.100

s 556(1)(b)(i) …. 4.99 s 556(1)(b)(ii) …. 4.99 s 556(1)(c) …. 4.59, 4.92, 4.94, 4.95 s 556(2) …. 4.109, 4.114, 4.147, 4.148, 4.177, 4.183, 6.1, 6.10, App 4 s 556(2)(a) …. 4.47, 4.147, 4.151, 4.153, 4.154, 4.156, 4.157, 4.158, 4.159, 4.162, 4.164, 4.165, 4.166, 4.171, 4.175, 4.178, 4.192, 4.194, 6.5, 6.6, 6.10, 6.13, 6.35 s 556(2)(b) …. 4.47, 4.147, 4.179, 4.179, 4.180, 4.181, 4.182, 4.183, 4.186, 4.187, 4.189, 4.192, 4.194, 4.210, 6.5, 6.7, 6.30 s 556(2)(b)(i) …. 4.114, 4.180 s 556(2)(b)(ii) …. 4.180 s 556(3) …. 4.46, App 4 s 556(3)(A) …. 4.46, 4.147 s 556(4) …. 4.48, 5.122, App 4 s 556(5) …. 4.137, 12.11, 15.6, 15.36, 15.39, 16.10, 16.11, App 4 s 556(5)(b) …. 15.37 s 556(6) …. App 4 s 556(7) …. App 4 s 557 …. 4.2, 4.44, 4.50, 4.194, 4.199, 4.204, 4.207 s 557(1) …. 4.200, 4.205, 15.40, App 4 s 557(2) …. 12.11, 15.6, 15.40, 16.11, App 4 s 557(3) …. 4.203, 15.41, 16.11, App 4 s 557(4) …. App 4 s 557(5) …. App 4 s 557(6) …. 16.11, App 4 s 557(7) …. 16.11, App 4 s 557(8) …. App 4

s 557(9) …. App 4 s 558 …. 4.207, 4.208, App 4 Constitution Act 1902 …. 16.4 s 5 …. 16.4 Co-operatives Act 1992 …. 9.67, 9.80 Co-operatives (Adoption of National Law) Act 2012 …. 9.71, 9.72 Co-operatives National Law …. 9.67, 9.71, 9.72, 9.80, 9.81 s 192(1) …. 9.82 s 193(1) …. 9.82 s 193(2) …. 9.82 s 194(1) …. 9.82 s 194(2) …. 9.82 s 195(3) …. 9.82 s 201 …. 9.81 s 328 …. 9.82 s 451 …. 9.81 s 554 …. 9.82 s 556 …. 9.82, 9.83 s 557 …. 9.82 s 558 …. 9.83 s 559 …. 9.83 ss 561–563 …. 9.82 s 565 …. 9.83 s 566 …. 9.83 Co-operatives National Regulations …. 9.71 Co-operatives (New South Wales) Regulation 2014 …. 9.71

Co-operatives Regulation 2005 …. 9.67 Crimes Act 1900 s 176A …. 3.45 s 556A …. 4.138 Crimes (Sentencing Procedure) Act 1999 …. 16.55 s 21A(3) …. 16.55 Criminal Appeal Act 1912 s 7(2) …. 3.45 Fair Trading Act 1987 s 42 …. 5.90 Justices Act 1902 s 112 …. 5.159, 5.160 s 115(3) …. 5.163 Miscellaneous Acts Amendment (Directors’ Liability) Act 2012 …. 2.29, 5.17 Protection of the Environment Operations Act 1997 s 169(1) …. 5.17 Supreme Court (General Civil Procedure) Rules 2005 r 9.06 …. 8.30 Northern Territory Associations Act 2003 …. 9.3, 9.8 Pt 9 Div 3 …. 9.21, 9.23 s 4 …. 9.3 s 11 …. 9.3 s 14 …. 9.6 s 86 …. 9.23

s 86(1) …. 9.23 s 86(2) …. 9.21 s 87 …. 9.21, 9.22, 9.23, 9.24, App 9 s 90 …. 9.21 s 90(1) …. 9.24, 9.25, 9.26, 9.27, App 9 s 90(2) …. 9.25, App 9 s 90(3) …. App 9 s 90(4) …. 9.26, App 9 s 90(5) …. 9.26, App 9 s 91 …. 9.21, 9.27 s 91(1) …. App 9 s 91(2) …. App 9 s 91(3) …. App 9 s 91(4) …. App 9 Associations Regulations …. 9.8 Companies Act 1962 …. 4.1, 12.10, 12.11, 16.3, 16.6, 16.7 Pt VIA …. 4.23, 16.9 Pt X Div 5 …. 16.9 s 5 …. 4.22 s 291(1) …. 4.12 s 303 …. 4.5, 4.11 s 303(3) …. 4.1, 4.2, 4.4, 4.5, 4.6, 4.11, 4.12, 4.15, 4.16, 4.17, 4.18, 4.22, 4.24 s 304 …. 4.19, 12.10, 16.3 s 304(1A) …. 4.2, 4.17, 4.18, 4.19 s 304(2) …. 4.2, 4.17, 4.19

s 304(3) …. 4.2, 4.17 s 374C …. 4.20, 4.23, 4.26, 4.28, 4.29 ss 374C–374E …. 4.44 s 374C(1) …. 4.20, 4.21, 4.22 s 374C(1)–374E …. 4.2 s 374C(2) …. 12.10, 16.3, 16.8, 16.9 s 374C(3) …. 4.21 s 374D …. 4.20, 4.27 s 374D(1) …. 16.8, 16.9 s 374E …. 4.20, 16.9 s 374E(1) …. 4.23 s 374E(2) …. 4.23 Co-operatives Act 1997 …. 9.67, 9.80 Co-operatives Regulations …. 9.67 Proportionate Liability Act s 6 …. 9.4 Queensland Associations Incorporation Act 1981 …. 9.3, 9.8, 9.52 s 1A …. 9.52 s 1A(2) …. 9.52 s 4 …. 9.7 s 21 …. 9.3 s 27 …. 9.6 s 70 …. 1.23 s 70A …. 1.23 s 89 …. 9.53

s 91 …. 9.53 Sch …. 9.3 Associations Incorporation Regulations 1999 …. 9.8 Civil Liability Act 2003 s 30 …. 9.4 Companies Act 1931 …. 12.7, 12.10, 15.14, 16.1 s 284 …. 1.1, 11.4, 12.9, 15.6, 15.7, 16.2, 16.7, 16.8 s 307 …. 15.20 Companies Act 1961 …. 4.1, 4.17, 4.20, 10.2, 12.10, 12.11, 15.7, 15.17, 15.36, 19.1, 16.3, 16.6, 16.7 Pt VIA …. 4.23, 15.23, 15.27, 16.9 Pt IX …. 4.9 Pt X Div 5 …. 16.9 s 5 …. 4.9, 4.22 s 291(1) …. 4.12 s 303 …. 4.5, 4.11 s 303(3) …. 4.1, 4.2, 4.4, 4.5, 4.6, 4.11, 4.12, 4.15, 4.16, 4.17, 4.18, 4.22, 4.24, 15.19 s 304 …. 4.19, 12.10, 15.6, 15.17, 15.19, 15.20, 15.21, 15.30, 16.3 s 304(1) …. 15.17, 15.18 s 304(1A) …. 4.2, 4.17, 4.18, 4.19, 15.19, 15.22 s 304(2) …. 4.2, 4.17, 4.19, 15.17, 15.19 s 304(3) …. 4.2, 4.17, 15.17 s 304(4) …. 15.18 s 304(6) …. 15.18 s 305 …. 15.18 s 308 …. 15.29

s 308(3) …. 15.29 s 374C …. 4.20, 4.23, 4.26, 4.28, 4.29, 10.3 ss 374C–374E …. 4.44 s 374C(1) …. 4.20, 4.21, 4.22 ss 374C(1)–374E …. 4.2 s 374C(2) …. 12.10, 15.6, 15.22, 15.25, 15.26, 15.29, 15.30, 15.34, 16.3, 16.8, 16.9 s 374C(3) …. 4.21 s 374D …. 4.20, 4.27, 15.22 s 374D(1) …. 15.31, 15.35, 16.8, 16.9 s 374D(1)(b) …. 15.30 s 374D(1A) …. 15.31 s 374D(2) …. 15.33 s 374D(4) …. 15.34 s 374D(5) …. 15.35 s 374E …. 4.20, 15.22, 16.9 s 374E(1) …. 4.23, 15.23, 15.24, 15.25, 15.32 s 374E(2) …. 4.23, 15.29, 15.32 s 374E(2)(a) …. 15.29 s 374E(2)(b) …. 15.29 Companies (Qld) Code 1981 …. 4.44, 10.6, 15.7, 15.37, 15.39, 15.41, 15.43, 16.6, 16.10 Pt XI …. 4.86 Pt XII Div 6 …. 4.68 Pt XIII Div 5 …. 4.68 s 5 …. 4.69, 5.112, 15.38 s 5(1) …. 4.82

s 60 …. 4.79 s 164 …. 4.80 s 229(4) …. 3.144 s 242(10) …. 4.80 s 374C …. 4.44, 4.90 s 374D …. 4.44 s 374D(1) …. 4.201 s 451 …. 4.130 s 459(1) …. 4.57 s 459(3) …. 4.57 s 461 …. 4.52, 4.71 s 469(1) …. 4.68, 15.38 s 535 …. 4.212 s 535(1) …. 4.114, 4.209 s 553 …. 4.2, 4.44, 4.194, 10.11, 12.11, 15.6 s 553(1) …. 4.45, 4.194, 15.13, 15.37, 15.38, 16.11 s 553(1)(a) …. 4.51 s 553(1)(b) …. 4.51 s 553(1)(c) …. 4.53 s 553(1)(d) …. 4.54 s 553(1)(e) …. 4.55 s 553(1)(f) …. 4.56, 4.59, 4.60, 4.64, 4.75 s 553(1)(g) …. 4.66 s 553(2) …. 4.57, 4.64, 4.76 s 553(2)(a) …. 4.64 s 553(2)(b) …. 4.58, 4.59, 4.60, 4.62, 4.63, 4.64, 4.76

s 553(3) …. 4.68, 15.41, 16.11 ss 554–557 …. 4.51 s 556 …. 4.2, 4.44, 4.45, 4.47, 4.50, 4.59, 4.61, 4.64, 4.67, 4.78, 4.81, 4.82, 4.84, 4.86, 4.90, 4.98, 4.103, 4.108, 4.109, 4.112, 4.113, 4.113, 4.114, 4.120, 4.124, 4.128, 4.136, 4.138, 4.143, 4.189, 4.194, 4.207, 4.212, 10.6, 10.11 ss 556–557 …. 4.46, 4.68 s 556(1) …. 4.14, 4.16, 4.69, 4.14, 4.16, 4.46, 4.48, 4.49, 4.60, 4.64, 4.66, 4.68, 4.83, 4.87, 4.88, 4.90, 4.92, 4.95, 4.96, 4.99, 4.102, 4.109, 4.111, 4.115, 4.123, 4.126, 4.137, 4.139, 4.140, 4.143, 4.147, 4.148, 4.151, 4.156, 4.178, 4.183, 4.189, 4.194, 4.204, 4.206, 4.209, 4.210, 4.211, 6.1, 7.29, 15.40 s 556(1)(b) …. 4.86, 4.100 s 556(1)(b)(i) …. 4.99 s 556(1)(b)(ii) …. 4.99 s 556(1)(c) …. 4.59, 4.92, 4.94, 4.95 s 556(2) …. 4.109, 4.114, 4.147, 4.148, 4.177, 4.183, 6.1 s 556(2)(a) …. 4.47, 4.147, 4.151, 4.153, 4.154, 4.156, 4.157, 4.158, 4.159, 4.162, 4.164, 4.165, 4.166, 4.171, 4.175, 4.178, 4.192, 4.194, 6.35 s 556(2)(b) …. 4.47, 4.147, 4.179, 4.179, 4.180, 4.181, 4.182, 4.183, 4.186, 4.187, 4.189, 4.192, 4.194, 4.210, 6.22 s 556(2)(b)(i) …. 4.114, 4.180 s 556(2)(b)(ii) …. 4.180 s 556(3) …. 4.46 s 556(3)(A) …. 4.46, 4.147 s 556(4) …. 4.48 s 556(5) …. 4.137, 12.11, 15.6, 15.36, 15.39, 16.10, 16.11 s 556(5)(b) …. 15.37

s 557 …. 4.2, 4.44, 4.50, 4.194, 4.199, 4.204, 4.207 s 557(1) …. 4.200, 4.205, 15.40 s 557(2) …. 12.11, 15.6, 15.40, 16.11 s 557(3) …. 4.203, 15.41, 16.11 s 557(6) …. 16.11 s 557(7) …. 16.11 s 558 …. 4.207, 4.208 Constitution of Queensland Act 1867 …. 16.4 s 2 …. 16.4 Co-operatives Act 1997 …. 9.67, 9.80 s 10 …. 9.85 s 221 …. 9.85 Cooperatives Regulation 1997 …. 9.67 Directors’ Liability Reform Amendment Act 2013 …. 2.29, 5.17 Environmental Protection Act 1964 …. 5.19 s 522A …. 5.19 ss 535B–535C …. 5.19 Environmental Protection (Chain of Responsibility) Amendment Act 2016 …. 2.29, 5.17, 5.18, 5.19 s 363AA …. 5.19 s 363AB …. 5.18 s 363AB(2)(a) …. 5.18 s 363AB(2)(b) …. 5.18 s 363AB(3) …. 5.18 s 363AB(4) …. 5.18 s 363AC(1) …. 5.19

s 363AC(2) …. 5.19 s 363AD(4) …. 5.19 South Australia Associations Incorporation Act 1985 …. 9.3, 9.8 Pt 5 Div 2 …. 9.28, 9.29, 9.30 s 3 …. 9.3 s 14C …. 9.6 s 18(6) …. 9.7 s 20(3) …. 9.3 s 21 …. 9.6 s 44(1) …. 9.30 s 49AA–49AF …. 9.28, 9.29, App 7 s 49AA(2) …. 9.30 s 49AA(3) …. 9.30 s 49AB …. App 7 s 49AC …. App 7 s 49AD …. App 7 s 49AD(1) …. 9.28, 9.31, 9.32 s 49AD(2) …. 9.31 s 49AD(3) …. 9.32 s 49AD(4) …. 9.32 s 49AE …. App 7 s 49AF …. App 7 Associations Incorporation Regulations 2008 …. 9.8 Companies Act 1934 …. 12.7, 12.10, 15.14, 16.1 s 290 …. 1.1, 11.4, 12.9, 15.6, 15.7, 16.2, 16.7, 16.8

s 307 …. 15.20 Companies Act 1962 …. 4.1, 4.17, 4.20, 5.55, 10.2, 12.10, 12.11, 15.7, 15.17, 15.36, 16.1, 16.3, 16.6, 16.7 Pt VIA …. 4.23, 15.23, 15.27, 16.9 Pt IX …. 4.9 Pt X Div 5 …. 16.9 s 5 …. 4.9, 4.22 s 124(2) …. 3.35 s 291(1) …. 4.12 s 303 …. 4.5, 4.11 s 303(3) …. 4.1, 4.2, 4.4, 4.5, 4.6, 4.11, 4.12, 4.15, 4.16, 4.17, 4.18, 4.22, 4.24, 15.19 s 304 …. 4.19, 12.10, 15.6, 15.17, 15.19, 15.20, 15.21, 15.30, 16.3 s 304(1) …. 15.17, 15.18 s 304(1A) …. 4.2, 4.17, 4.18, 4.19, 15.19, 15.22 s 304(2) …. 4.2, 4.17, 4.19, 15.17, 15.19 s 304(3) …. 4.2, 4.17, 15.17 s 304(4) …. 15.18 s 304(6) …. 15.18 s 305 …. 15.18 s 308 …. 15.29 s 308(3) …. 15.29 s 374C …. 4.20, 4.23, 4.26, 4.28, 4.29, 4.34, 5.5, 10.3 ss 374C–374E …. 4.44 s 374C(1) …. 4.20, 4.21, 4.22 ss 374C(1)–374E …. 4.2 s 374C(2) …. 12.10, 15.6, 15.22, 15.25, 15.26, 15.29, 15.30, 15.34, 16.3,

16.8, 16.9, 16.30 s 374C(3) …. 4.21 s 374D …. 4.20, 4.27, 15.22 s 374D(1) …. 15.31, 15.35, 16.8, 16.9 s 374D(1)(b) …. 15.30 s 374D(1A) …. 15.31 s 374D(2) …. 15.33 s 374D(4) …. 15.34 s 374D(5) …. 15.35 s 374E …. 4.20, 15.22, 16.9 s 374E(1) …. 4.23, 15.23, 15.24, 15.25, 15.32 s 374E(2) …. 4.23, 15.29, 15.32 s 374E(2)(a) …. 15.29 s 374E(2)(b) …. 15.29 Companies (SA) Code 1981 …. 4.44, 10.6, 15.7, 15.37, 15.39, 15.41, 15.43, 16.6, 16.10 Pt XI …. 4.86 Pt XII Div 6 …. 4.68 Pt XIII Div 5 …. 4.68 s 5 …. 15.38 s 5(1) …. 4.82 s 60 …. 4.79 s 164 …. 4.80 s 242(10) …. 4.80 s 374C …. 4.44, 4.90 s 374D …. 4.44

s 374D(1) …. 4.201 s 451 …. 4.130 s 459(1) …. 4.57 s 459(3) …. 4.57 s 461 …. 4.52, 4.71 s 469(1) …. 4.68, 15.38 s 535 …. 4.212 s 535(1) …. 4.114, 4.209 s 553 …. 4.2, 4.44, 4.51, 4.65, 4.68, 4.70, 4.74, 4.95, 4.194, 10.11, 12.11, 15.6 s 553(1) …. 4.45, 4.50, 4.51, 4.52, 4.53, 4.57, 4.59, 4.70, 4.93, 4.98, 4.122, 4.194, 15.13, 15.37, 15.38, 16.11 s 553(1)(a) …. 4.51 s 553(1)(b) …. 4.51 s 553(1)(c) …. 4.53 s 553(1)(d) …. 4.54 s 553(1)(e) …. 4.55 s 553(1)(f) …. 4.56, 4.59, 4.60, 4.64, 4.75 s 553(1)(g) …. 4.66 s 553(2) …. 4.57, 4.64, 4.76 s 553(2)(a) …. 4.64 s 553(2)(b) …. 4.58, 4.59, 4.60, 4.62, 4.63, 4.64, 4.76 s 553(3) …. 4.68, 15.41, 16.11 ss 554–557 …. 4.51 s 556 …. 4.2, 4.44, 4.45, 4.47, 4.50, 4.59, 4.61, 4.64, 4.67, 4.78, 4.81, 4.82, 4.84, 4.86, 4.90, 4.98, 4.103, 4.108, 4.109, 4.112, 4.113, 4.113, 4.114, 4.120, 4.124, 4.128, 4.136, 4.138, 4.143, 4.189, 4.194, 4.207,

4.212, 5.184, 6.25, 10.6, 10.11 ss 556–557 …. 4.46, 4.68 s 556(1) …. 4.14, 4.16, 4.46, 4.48, 4.49, 4.60, 4.64, 4.66, 4.68, 4.83, 4.87, 4.88, 4.90, 4.92, 4.95, 4.96, 4.99, 4.102, 4.109, 4.111, 4.115, 4.123, 4.126, 4.137, 4.139, 4.140, 4.143, 4.147, 4.148, 4.151, 4.156, 4.178, 4.183, 4.189, 4.194, 4.204, 4.206, 4.209, 4.210, 4.211, 5.184, 6.1, 7.29, 15.40 s 556(1)(b) …. 4.86, 4.100 s 556(1)(b)(i) …. 4.99 s 556(1)(b)(ii) …. 4.99 s 556(1)(c) …. 4.59, 4.92, 4.94, 4.95 s 556(2) …. 4.109, 4.114, 4.147, 4.148, 4.177, 4.183, 5.184, 6.1 s 556(2)(a) …. 4.47, 4.147, 4.151, 4.153, 4.154, 4.156, 4.157, 4.158, 4.159, 4.162, 4.164, 4.165, 4.166, 4.171, 4.175, 4.178, 4.192, 4.194, 6.28, 6.32, 6.35 s 556(2)(b) …. 4.47, 4.147, 4.179, 4.179, 4.180, 4.181, 4.182, 4.183, 4.186, 4.187, 4.189, 4.192, 4.194, 4.210, 6.22, 6.30, 6.32 s 556(2)(b)(i) …. 4.114, 4.180 s 556(2)(b)(ii) …. 4.180 s 556(3) …. 4.46 s 556(3)(A) …. 4.46, 4.147 s 556(4) …. 4.48 s 556(5) …. 4.137, 12.11, 15.6, 15.36, 15.39, 16.10, 16.11 s 556(5)(b) …. 15.37 s 557 …. 4.2, 4.44, 4.50, 4.194, 4.199, 4.204, 4.207 s 557(1) …. 4.200, 4.203, 15.40 s 557(2) …. 12.11, 15.6, 15.40, 16.11 s 557(3) …. 4.203, 15.41, 16.11

s 557(6) …. 16.11 s 557(7) …. 16.11 s 558 …. 4.207, 4.208 Constitution Act 1934 …. 16.4 Co-operatives Act 1997 …. 9.67, 9.80 Co-operatives National Law (South Australia) Act 2013 …. 9.74 Co-operatives Regulations 1997 …. 9.67 Law Reform (Contributory Negligence and Apportionment of Liability) Act 2001 s 8 …. 9.4 s 9 …. 9.4 Tasmania Associations Incorporation Act 1964 …. 9.3, 9.8, 9.49 s 2 …. 9.3 s 3 …. 9.49 s 11(1) …. 9.3 s 27 …. 9.6 s 32 …. 9.50 Associations Incorporation Direction 1999 …. 9.8 Associations Incorporation (Model Rules) Regulations 2007 …. 9.8 Associations Incorporation Regulations 2007 …. 9.8 Civil Liability Act 2002 s 43A(2) …. 9.4 Companies Act 1920 …. 16.1 Companies Act 1959 …. 12.7, 12.10, 15.14, 16.1 s 237 …. 1.1, 11.4, 12.9, 15.6, 15.7, 16.2, 16.7, 16.8

s 307 …. 15.20 Companies Act 1961 …. 4.1, 4.17, 4.20, 10.2, 12.10, 12.11, 15.7, 15.17, 15.36, 16.1, 16.3, 16.6, 16.7 Pt VIA …. 4.23, 15.23, 15.27, 16.9 Pt IX …. 4.9 Pt X Div 5 …. 16.9 s 5 …. 4.9, 4.22 s 291(1) …. 4.12 s 303 …. 4.5, 4.11 s 303(3) …. 4.1, 4.2, 4.4, 4.5, 4.6, 4.11, 4.12, 4.15, 4.16, 4.17, 4.18, 4.22, 4.24, 15.19 s 304 …. 4.19, 12.10, 15.6, 15.17, 15.19, 15.20, 15.21, 15.30, 16.3 s 304(1) …. 15.17, 15.18 s 304(1A) …. 4.2, 4.17, 4.18, 4.19, 15.19, 15.22 s 304(2) …. 4.2, 4.17, 4.19, 15.17, 15.19 s 304(3) …. 4.2, 4.17, 15.17 s 304(4) …. 15.18 s 304(6) …. 15.18 s 305 …. 15.18 s 308 …. 15.29 s 308(3) …. 15.29 s 374C …. 4.20, 4.23, 4.26, 4.28, 4.29, 10.3 ss 374C–374E …. 4.44 s 374C(1) …. 4.20, 4.21, 4.22 ss 374C(1)–374E …. 4.2 s 374C(2) …. 12.10, 15.6, 15.22, 15.25, 15.26, 15.29, 15.30, 15.34, 16.3, 16.8, 16.9

s 374C(3) …. 4.21 s 374D …. 4.20, 4.27, 15.22 s 374D(1) …. 15.31, 15.35, 16.8, 16.9 s 374D(1)(b) …. 15.30 s 374D(1A) …. 15.31 s 374D(2) …. 15.33 s 374D(4) …. 15.34 s 374D(5) …. 15.35 s 374E …. 4.20, 15.22, 16.9 s 374E(1) …. 4.23, 15.23, 15.24, 15.25, 15.32 s 374E(2) …. 4.23, 15.29, 15.32 s 374E(2)(a) …. 15.29 s 374E(2)(b) …. 15.29 Companies (Tas) Code 1981 …. 4.44, 10.6, 15.7, 15.37, 15.39, 15.41, 15.43, 16.6, 16.10 Pt XI …. 4.86 Pt XII Div 6 …. 4.68 Pt XIII Div 5 …. 4.68 s 5 …. 15.38 s 5(1) …. 4.82 s 60 …. 4.79 s 164 …. 4.80 s 242(10) …. 4.80 s 374C …. 4.44, 4.90 s 374D …. 4.44 s 374D(1) …. 4.201

s 451 …. 4.130 s 459(1) …. 4.57 s 459(3) …. 4.57 s 461 …. 4.52, 4.71 s 469(1) …. 4.68, 15.38 s 535 …. 4.212 s 535(1) …. 4.114, 4.209 s 553 …. 4.2, 4.44, 4.51, 4.65, 4.68, 4.70, 4.74, 4.95, 4.194, 10.11, 12.11, 15.6 s 553(1) …. 4.45, 4.50, 4.51, 4.52, 4.53, 4.57, 4.59, 4.70, 4.93, 4.98, 4.122, 4.194, 15.13, 15.37, 15.38, 16.11 s 553(1)(a) …. 4.51 s 553(1)(b) …. 4.51 s 553(1)(c) …. 4.53 s 553(1)(d) …. 4.54 s 553(1)(e) …. 4.55 s 553(1)(f) …. 4.56, 4.59, 4.60, 4.64, 4.75 s 553(1)(g) …. 4.66 s 553(2) …. 4.57, 4.64, 4.76 s 553(2)(a) …. 4.64 s 553(2)(b) …. 4.58, 4.59, 4.60, 4.62, 4.63, 4.64, 4.76 s 553(3) …. 4.68, 15.41, 16.11 ss 554–557 …. 4.51 s 556 …. 4.2, 4.44, 4.45, 4.47, 4.50, 4.59, 4.61, 4.64, 4.67, 4.78, 4.81, 4.82, 4.84, 4.86, 4.90, 4.98, 4.103, 4.108, 4.109, 4.112, 4.113, 4.113, 4.114, 4.120, 4.124, 4.128, 4.136, 4.138, 4.143, 4.189, 4.194, 4.207, 4.212, 5.133, 10.6, 10.11

ss 556–557 …. 4.46, 4.68 s 556(1) …. 4.14, 4.16, 4.46, 4.48, 4.49, 4.60, 4.64, 4.66, 4.68, 4.83, 4.87, 4.88, 4.90, 4.92, 4.95, 4.96, 4.99, 4.102, 4.109, 4.111, 4.115, 4.123, 4.126, 4.137, 4.139, 4.140, 4.143, 4.147, 4.148, 4.151, 4.156, 4.178, 4.183, 4.189, 4.194, 4.204, 4.206, 4.209, 4.210, 4.211, 5.134, 6.1, 7.29, 15.40 s 556(1)(a) …. 5.133, 5.134 s 556(1)(b) …. 4.86, 4.100 s 556(1)(b)(i) …. 4.99, 5.134 s 556(1)(b)(ii) …. 4.99, 5.134 s 556(1)(c) …. 4.59, 4.92, 4.94, 4.95 s 556(2) …. 4.109, 4.114, 4.147, 4.148, 4.177, 4.183, 6.1 s 556(2)(a) …. 4.47, 4.147, 4.151, 4.153, 4.154, 4.156, 4.157, 4.158, 4.159, 4.162, 4.164, 4.165, 4.166, 4.171, 4.175, 4.178, 4.192, 4.194, 6.35 s 556(2)(b) …. 4.47, 4.147, 4.179, 4.179, 4.180, 4.181, 4.182, 4.183, 4.186, 4.187, 4.189, 4.192, 4.194, 4.210, 6.22 s 556(2)(b)(i) …. 4.114, 4.180 s 556(2)(b)(ii) …. 4.180 s 556(3) …. 4.46 s 556(3)(A) …. 4.46, 4.147 s 556(4) …. 4.48 s 556(5) …. 4.137, 12.11, 15.6, 15.36, 15.39, 16.10, 16.11 s 556(5)(b) …. 15.37 s 557 …. 4.2, 4.44, 4.50, 4.194, 4.199, 4.200, 4.204, 4.207 s 557(1) …. 4.203, 15.40 s 557(2) …. 12.11, 15.6, 15.40, 16.11 s 557(3) …. 4.203, 15.41, 16.11 s 557(6) …. 16.11

s 557(7) …. 16.11 s 558 …. 4.207, 4.208 Constitution Act 1934 …. 16.4 Co-operatives Act 1999 …. 9.67, 9.80 Co-operatives National Law (Tasmania) Act 2015 …. 9.75 Co-operatives Regulations 2010 …. 9.67 Victoria Associations Incorporation Reform Act 2012 …. 9.3, 9.8, 9.56, 9.58 s 3 …. 9.3 s 4 …. 9.7 s 15 …. 9.3 s 52 …. 9.6 s 68 …. 9.6 s 77 …. 1.23 s 144(1) …. 9.57 s 144(2) …. 9.57 s 144(2)(c) …. 9.57, 9.58 s 145 …. 9.58 s 154(2) …. 9.58 Sch 2 …. 9.58 Sch 3 …. 9.58 Associations Incorporation Reform Regulations 2012 …. 9.8 Companies Act 1928 …. 16.1 Companies Act 1938 …. 12.7, 12.10, 15.14 s 226 …. 1.1, 12.9, 16.8 s 275 …. 1.1, 11.4, 12.9, 15.6, 15.7, 15.14, 16.2, 16.7

s 307 …. 15.20 Companies Act 1958 …. 16.1 Companies Act 1961 …. 4.1, 4.17, 4.20, 10.2, 12.10, 12.11, 15.7, 15.17, 15.36, 16.1, 16.3, 16.6, 16.7 Pt VIA …. 4.23, 15.23, 15.27, 16.9 Pt IX …. 4.9 Pt X Div 5 …. 16.9 s 5 …. 4.9, 4.22 s 291(1) …. 4.12 s 303 …. 4.5, 4.11 s 303(3) …. 4.1, 4.2, 4.4, 4.5, 4.6, 4.11, 4.12, 4.15, 4.16, 4.17, 4.18, 4.22, 4.24, 15.19 s 304 …. 4.19, 12.10, 15.6, 15.17, 15.19, 15.20, 15.21, 15.30, 16.3 s 304(1) …. 15.17, 15.18 s 304(1A) …. 4.2, 4.17, 4.18, 4.19, 15.19, 15.22 s 304(2) …. 4.2, 4.17, 4.19, 15.17, 15.19 s 304(3) …. 4.2, 4.17, 15.17 s 304(4) …. 15.18 s 304(6) …. 15.18 s 305 …. 15.18 s 308 …. 15.29 s 308(3) …. 15.29 s 374C …. 4.20, 4.23, 4.26, 4.28, 4.29, 5.4, 10.3 ss 374C–374E …. 4.44 s 374C(1) …. 4.20, 4.21, 4.22 ss 374C(1)–374E …. 4.2 s 374C(2) …. 12.10, 15.6, 15.22, 15.25, 15.26, 15.29, 15.30, 15.34, 16.3,

16.8, 16.9 s 374C(3) …. 4.21 s 374D …. 4.20, 4.27, 15.22 s 374D(1) …. 15.31, 15.35, 16.8, 16.9 s 374D(1)(b) …. 15.30 s 374D(1A) …. 15.31 s 374D(2) …. 15.33 s 374D(4) …. 15.34 s 374D(5) …. 15.35 s 374E …. 4.20, 15.22, 16.9 s 374E(1) …. 4.23, 15.23, 15.24, 15.25, 15.32 s 374E(2) …. 4.23, 15.29, 15.32 s 374E(2)(a) …. 15.29 s 374E(2)(b) …. 15.29 Companies (Vic) Code 1981 …. 4.44, 10.6, 15.7, 15.37, 15.39, 15.41, 15.43, 16.6, 16.10 Pt XI …. 4.86 Pt XII Div 6 …. 4.68 Pt XIII Div 5 …. 4.68 s 5 …. 15.38 s 5(1) …. 4.82 s 60 …. 4.79 s 164 …. 4.80 s 227(1) …. 4.85 s 242(10) …. 4.80 s 374C …. 4.44, 4.90

s 374D …. 4.44 s 374D(1) …. 4.201 s 451 …. 4.130 s 459(1) …. 4.57 s 459(3) …. 4.57 s 461 …. 4.52, 4.71 s 469(1) …. 4.68, 15.38 s 535 …. 4.212 s 535(1) …. 4.114, 4.209, 5.279 s 553 …. 4.2, 4.44, 4.51, 4.65, 4.68, 4.70, 4.74, 4.95, 4.194, 10.11, 12.11, 15.6 s 553(1) …. 4.45, 4.50, 4.51, 4.52, 4.53, 4.57, 4.59, 4.70, 4.93, 4.98, 4.122, 4.194, 15.13, 15.37, 15.38, 16.11 s 553(1)(a) …. 4.51 s 553(1)(b) …. 4.51 s 553(1)(c) …. 4.53 s 553(1)(d) …. 4.54 s 553(1)(e) …. 4.55 s 553(1)(f) …. 4.56, 4.59, 4.60, 4.64, 4.75 s 553(1)(g) …. 4.66 s 553(2) …. 4.57, 4.64, 4.76 s 553(2)(a) …. 4.64 s 553(2)(b) …. 4.58, 4.59, 4.60, 4.62, 4.63, 4.64, 4.76 s 553(3) …. 4.68, 15.41, 16.11 ss 554–557 …. 4.51 s 556 …. 3.5, 4.2, 4.44, 4.45, 4.47, 4.50, 4.59, 4.61, 4.64, 4.67, 4.78, 4.81, 4.82, 4.84, 4.86, 4.90, 4.98, 4.103, 4.108, 4.109, 4.112, 4.113, 4.113,

4.114, 4.120, 4.124, 4.128, 4.136, 4.138, 4.143, 4.144, 4.189, 4.194, 4.207, 4.212, 5.79, 5.116, 5.146, 5.147, 5.148, 5.150, 5.213, 5.279, 6.15, 6.16, 6.17, 10.6, 10.11 ss 556–557 …. 4.46, 4.68 s 556(1) …. 4.14, 4.16, 4.46, 4.48, 4.49, 4.60, 4.64, 4.66, 4.68, 4.83, 4.87, 4.88, 4.90, 4.92, 4.95, 4.96, 4.99, 4.102, 4.109, 4.111, 4.115, 4.123, 4.126, 4.137, 4.139, 4.140, 4.143, 4.147, 4.148, 4.151, 4.156, 4.178, 4.183, 4.189, 4.194, 4.204, 4.206, 4.209, 4.210, 4.211, 5.80, 5.193, 5.279, 6.1, 6.21, 7.29, 15.40 s 556(1)(b) …. 4.86, 4.100 s 556(1)(b)(i) …. 4.99 s 556(1)(b)(ii) …. 4.99 s 556(1)(c) …. 4.59, 4.92, 4.94, 4.95 s 556(2) …. 4.109, 4.114, 4.144, 4.147, 4.148, 4.177, 4.183, 5.280, 6.1, 6.15, 6.21 s 556(2)(a) …. 4.47, 4.147, 4.151, 4.153, 4.154, 4.156, 4.157, 4.158, 4.159, 4.162, 4.164, 4.165, 4.166, 4.171, 4.175, 4.178, 4.192, 4.194, 6.14, 6.16, 6.19, 6.20, 6.21, 6.23, 6.27, 6.35 s 556(2)(b) …. 4.47, 4.147, 4.179, 4.179, 4.180, 4.181, 4.182, 4.183, 4.186, 4.187, 4.189, 4.192, 4.194, 4.210, 6.14, 6.16, 6.21, 6.22, 6.23, 6.27 s 556(2)(b)(i) …. 4.114, 4.180, 5.279 s 556(2)(b)(ii) …. 4.180 s 556(3) …. 4.46 s 556(3)(A) …. 4.46, 4.147 s 556(4) …. 4.48 s 556(5) …. 4.137, 12.11, 15.6, 15.36, 15.39, 16.10, 16.11 s 556(5)(b) …. 15.37 s 557 …. 4.2, 4.44, 4.50, 4.194, 4.199, 4.204, 4.207 s 557(1) …. 4.205, 15.40

s 557(2) …. 12.11, 15.6, 15.40, 16.11 s 557(3) …. 4.203, 15.41, 16.11 s 557(6) …. 16.11 s 557(7) …. 16.11 s 558 …. 4.207, 4.208 Constitution Act 1975 …. 16.4 Co-operatives Act 1996 …. 9.67, 9.80 Co-operatives National Law Application Act 2013 …. 9.72 Co-operatives National Law (Victoria) Local Regulations 2014 (Sr No 3 of 2014) …. 9.72 Co-operatives Regulations 2008 …. 9.67 Corporations (Ancillary Provisions) Act 2001 s 19(1) …. 9.58 Environment Protection Act 1970 s 66B …. 5.17 Wrongs Act 1958 (Vic) s 24AH …. 9.4 Western Australia Associations Incorporation Act 1987 …. 9.3, 9.8, 9.34, 9.35, 9.40, 9.41, 9.42, 9.43 s 3 …. 9.3 s 3A …. 9.36 s 3A(2) …. 9.36 s 4(4) …. 9.7 s 10 …. 9.3 s 12 …. 9.6 s 31(3) …. 9.37, 9.40

s 32 …. 9.41 s 39A …. 9.8 s 42 …. 9.35 Associations Incorporation Act 2015 …. 9.43 s 127 …. 9.43, 9.44, App 11 s 127(1) …. 9.43, 9.44, 9.46, 9.47, 9.48 s 127(2) …. 9.44, 9.45, 9.46 s 127(3) …. 9.46 s 127(4) …. 9.47 s 127(5) …. 9.48 s 127(6) …. 9.48 Associations Incorporation Regulations 1988 …. 9.8 reg 6 …. 9.37, 9.38 Civil Liability Act 2002 s 5AI …. 9.4 Companies Act 1893 …. 16.1 Companies Act 1943 …. 12.7, 12.10, 15.14, 16.1, 16.22 s 281 …. 1.1, 11.4, 12.9, 15.6, 15.7, 16.2, 16.7, 16.8 s 307 …. 15.20 Companies Act 1961 …. 4.1, 4.17, 4.20, 10.2, 12.10, 12.11, 15.7, 15.17, 15.36, 16.1, 16.3, 16.6, 16.7 Pt VIA …. 4.23, 15.23, 15.27, 16.9 Pt IX …. 4.9 Pt X Div 5 …. 16.9 s 5 …. 4.9, 4.22 s 291(1) …. 4.12

s 303 …. 4.5, 4.11, 15.22 s 303(3) …. 4.1, 4.2, 4.4, 4.5, 4.6, 4.11, 4.12, 4.15, 4.16, 4.17, 4.18, 4.22, 4.24, 15.19 s 304 …. 4.19, 12.10, 15.6, 15.17, 15.19, 15.20, 15.21, 15.30, 16.3 s 304(1) …. 15.17, 15.18 s 304(1A) …. 4.2, 4.17, 4.18, 4.19, 15.19, 15.22 s 304(2) …. 4.2, 4.17, 4.19, 15.17, 15.19 s 304(3) …. 4.2, 4.17, 15.17 s 304(4) …. 15.18 s 304(6) …. 15.18 s 305 …. 15.18 s 308 …. 15.29 s 308(3) …. 15.29 s 374C …. 4.20, 4.23, 4.26, 4.28, 4.29, 4.30, 10.3 ss 374C–374E …. 4.44 s 374C(1) …. 4.20, 4.21, 4.22, 4.25 ss 374C(1)–374E …. 4.2 s 374C(2) …. 12.10, 15.6, 15.22, 15.22, 15.25, 15.26, 15.29, 15.30, 15.34, 16.3, 16.8, 16.9 s 374C(3) …. 4.21 s 374D …. 4.20, 4.27, 15.22 s 374D(1) …. 15.31, 15.35, 16.8, 16.9 s 374D(1)(b) …. 15.30 s 374D(1A) …. 15.31 s 374D(2) …. 15.33 s 374D(4) …. 15.34 s 374D(5) …. 15.35

s 374E …. 4.20, 15.22, 16.9 s 374E(1) …. 4.23, 15.23, 15.24, 15.25, 15.32 s 374E(2) …. 4.23, 15.29, 15.32 s 374E(2)(a) …. 15.29 s 374E(2)(b) …. 15.29 Companies (WA) Code 1981 …. 4.44, 10.6, 15.7, 15.37, 15.39, 15.41, 15.43, 16.6, 16.10 Pt XI …. 4.86 Pt XII Div 6 …. 4.68 Pt XIII Div 5 …. 4.68 s 5 …. 15.38 s 5(1) …. 4.82 s 60 …. 4.79 s 164 …. 4.80 s 229(3) …. 3.141 s 229(4) …. 3.141 s 242(10) …. 4.80 s 374C …. 4.44, 4.90 s 374D …. 4.44 s 374D(1) …. 4.201 s 451 …. 4.130 s 459(1) …. 4.57 s 459(3) …. 4.57 s 461 …. 4.52, 4.71 s 469(1) …. 4.68, 15.38 s 535 …. 4.212

s 535(1) …. 4.114, 4.209 s 553 …. 4.2, 4.44, 4.51, 4.65, 4.68, 4.70, 4.74, 4.95, 4.194, 10.11, 12.11, 15.6 s 553(1) …. 4.45, 4.50, 4.51, 4.52, 4.53, 4.57, 4.59, 4.70, 4.93, 4.98, 4.122, 4.194, 15.13, 15.37, 15.38, 16.11 s 553(1)(a) …. 4.51 s 553(1)(b) …. 4.51 s 553(1)(c) …. 4.53 s 553(1)(d) …. 4.54 s 553(1)(e) …. 4.55 s 553(1)(f) …. 4.56, 4.59, 4.60, 4.64, 4.75 s 553(1)(g) …. 4.66 s 553(2) …. 4.57, 4.64, 4.76 s 553(2)(a) …. 4.64 s 553(2)(b) …. 4.58, 4.59, 4.60, 4.62, 4.63, 4.64, 4.76 s 553(3) …. 4.68, 15.41, 16.11 ss 554–557 …. 4.51 s 556 …. 4.2, 4.44, 4.45, 4.47, 4.50, 4.59, 4.61, 4.64, 4.67, 4.78, 4.81, 4.82, 4.84, 4.86, 4.90, 4.98, 4.103, 4.108, 4.109, 4.112, 4.113, 4.113, 4.114, 4.120, 4.124, 4.128, 4.136, 4.138, 4.143, 4.189, 4.194, 4.207, 4.212, 5.135, 5.138, 5.139, 5.189, 10.6, 10.11 ss 556–557 …. 4.46, 4.68 s 556(1) …. 4.14, 4.16, 4.46, 4.48, 4.49, 4.60, 4.64, 4.66, 4.68, 4.83, 4.87, 4.88, 4.90, 4.92, 4.95, 4.96, 4.99, 4.102, 4.109, 4.111, 4.115, 4.123, 4.126, 4.137, 4.139, 4.140, 4.143, 4.147, 4.148, 4.151, 4.156, 4.178, 4.183, 4.189, 4.194, 4.204, 4.206, 4.209, 4.210, 4.211, 5.135, 5.139, 5.189, 5.190, 5.191, 5.198, 5.210, 5.212, 6.1, 7.29, 15.40 s 556(1)(a) …. 5.195

s 556(1)(b) …. 4.86, 4.100 s 556(1)(b)(i) …. 4.99 s 556(1)(b)(ii) …. 4.99 s 556(1)(c) …. 4.59, 4.92, 4.94, 4.95 s 556(2) …. 4.109, 4.114, 4.147, 4.148, 4.177, 4.183, 6.1 s 556(2)(a) …. 4.47, 4.147, 4.151, 4.153, 4.154, 4.156, 4.157, 4.158, 4.159, 4.162, 4.164, 4.165, 4.166, 4.171, 4.175, 4.178, 4.192, 4.194, 6.35 s 556(2)(b) …. 4.47, 4.147, 4.179, 4.179, 4.180, 4.181, 4.182, 4.183, 4.186, 4.187, 4.189, 4.192, 4.194, 4.210, 5.140, 6.22 s 556(2)(b)(i) …. 4.114, 4.180 s 556(2)(b)(ii) …. 4.180 s 556(3) …. 4.46 s 556(3)(A) …. 4.46, 4.147 s 556(4) …. 4.48 s 556(5) …. 4.137, 12.11, 15.6, 15.36, 15.39, 16.10, 16.11 s 556(5)(b) …. 15.37 s 557 …. 4.2, 4.44, 4.50, 4.194, 4.199, 4.204, 4.207 s 557(1) …. 4.200, 4.203, 15.40 s 557(2) …. 12.11, 15.6, 15.40, 16.11 s 557(3) …. 4.203, 15.41, 16.11 s 557(6) …. 16.11 s 557(7) …. 16.11 s 558 …. 4.207, 4.208 Constitution Act 1889 …. 16.4 Co-operatives Act 2009 …. 9.67, 9.79, 9.80 s 9 …. 9.86 s 214 …. 9.86

Co-operatives Regulations 2010 …. 9.67 Corporations (Ancillary Provisions) Act 2001 …. 9.40, 9.41 Pt 3 …. 9.37 s 21 …. 9.41 Criminal Code 1913 s 669 …. 4.138, 4.139 Pay-roll Tax Assessment Act 1971 …. 5.135 Workers Compensation and Rehabilitation Act 1981 s 160 …. 5.139 New Zealand Companies Act 1955 s 320(1) …. 11.4 Companies Act 1993 …. 11.41 Pt 15A …. 11.43 s 135 …. 1.8, 11.38, 11.40, App 12 ss 135–136 …. 11.42 s 136 …. 1.8, 11.38, 11.40, App 12 s 137 …. 1.8, App 12 s 138 …. 11.39, 11.40, App 12 s 300 …. 11.41 s 301 …. 11.42, 11.43, App 12 s 301(1) …. 11.43 s 380(1) …. 16.2 Insolvency Act 2006 s 1 7(1)(a) …. 11.42 Workers Compensation Act 1922 …. 2.13

South Africa Companies Act 1973 s 424 …. 11.4 United Kingdom Bankruptcy Act 1914 …. 4.4, 13.21, 14.47 s 1(1)(g) …. 14.74 s 276(1)(g) …. 13.21 s 276(3) …. 13.21 Cinematograph Films Act 1938 …. 2.32 Companies Act 1862 …. 2.5, 2.6, 2.7, 2.8, 2.9, 2.28, 16.1 Companies Act 1907 s 32 …. 8.68 Companies Act 1917 s 75 …. 13.2 s 75(3) …. 13.2 Companies Act 1928 …. 13.2, 13.20, 14.13, 14.16 s 3 …. 14.16 ss 56–77 …. 14.16 ss 72–77 …. 14.16 s 75 …. 13.1, 13.2, 13.3, 13.5, 13.13, 13.14, 13.21, 13.24, 14.1, 14.13, 14.15, 14.16, 14.17, 14.18, 14.54, 14.58, 15.7, 16.2, 16.41, App 13 s 75(1) …. 13.13, 13.14, 13.15, 13.17, 13.18, 13.20, 13.21, 14.15, 14.16, 14.17 s 75(2) …. 13.15, 13.17, 14.15 s 75(3) …. 13.2, 13.16, 13.19, 14.13, 14.15, 14.16, 14.17 s 75(4) …. 13.2, 13.17, 13.18, 14.13, 14.16 s 75(5) …. 13.14

Companies Act 1929 …. 16.2 s 75 …. 13.2, 14.13 s 266 …. 14.23 s 275 …. 1.1, 12.9, 13.1, 13.2, 13.5, 13.13, 13.24, 13.25, 14.1, 14.13, 14.21, 14.23, 14.24, 14.54, 14.58, 14.75, 15.7, 15.11, 16.2, App 14 s 275(1) …. 13.7, 14.21, 14.75 s 275(4) …. 13.2, 14.13 s 275(6) …. 14.22 s 332(1) …. 14.15, 14.19 s 332(3) …. 14.15, 14.19 Companies Act 1947 …. 13.2, 13.23, 14.13 s 33 …. 14.13 s 101(1) …. 13.2, 14.13 s 101(2) …. 13.2, 14.13 s 101(3) …. 13.2 Companies Act 1948 …. 2.51, 13.23, 14.15, 14.73 s 33 …. 13.2 s 188 …. 13.2, 14.13 s 332 …. 11.4, 11.6, 11.7, 11.8, 11.11, 13.1, 13.2, 13.8, 13.25, 13.26, 13.29, 14.2, 14.13, 14.14, 14.34, 14.40, 14.41, 14.44, 14.47, 14.49, 14.51, 14.53, 14.56, 14.58, 14.59, 14.61, 14.62, 14.65, 14.66, 14.67, 14.69, 14.76, 14.77, 14.78, 14.79, 14.80, 16.2, 16.40, 16.41, App 15 s 332(1) …. 13.23, 13.26, 13.28, 14.13, 14.14, 14.15, 14.59, 14.65, 14.69, 14.74, 14.81, 14.82, 15.15 s 332(2) …. 12.26, 13.27, 14.73, 14.81 s 332(3) …. 13.2, 13.28, 13.29, 14.2, 14.13, 14.14, 14.15, 14.20, 14.30, 14.53, 14.69, 14.82, 15.15 s 332(4) …. 14.74

Companies Act 1981 s 96 …. 14.20, 16.41 Companies Act 1985 s 96 …. 13.29, 14.2 s 458 …. 13.1, 13.9, 13.30, 13.31, 14.2, 14.4, 14.56, 14.58, 14.82, App 16 s 458(3)(c) …. 14.4 s 458(4)(c) …. 14.4 s 630 …. 13.1, 13.9, 13.30, 13.32, 13.35, 14.2, 14.56, 14.58, 14.80, App 16 s 630(2) …. 13.32, 14.71 s 630(3) …. 13.32 s 630(4) …. 13.33 s 630(5) …. 13.33, 13.35 s 718 …. 14.4 Companies Act 2006 …. 14.4 s 993 …. 13.1, 13.11, 13.38, 13.39, 14.2, 14.4, 14.56, 14.58, 14.82, App 18 Company Directors Disqualification Act 1986 s 6 …. 5.110 s 10 …. 11.32 s 15 …. 11.32 s 22 …. 5.97, 5.107 Compulsory Purchase Act 1965 …. 2.39 District Court Act 1912 s 64 …. 5.131 Fraud Act 2006 …. 14.4 s 9 …. 14.4 Insolvency Act 1986 …. 1.8, 11.10, 11.17, 11.27, 11.29, 11.33, 11.37, 13.10

s 213 …. 11.12, 11.37, 13.10, 13.11, 13.34, 13.35, 13.36, 13.37, 14.2, 14.56, 14.58, 14.71, 14.80 ss 213–215 …. 13.1 s 213(1) …. 13.35, App 17 s 213(2) …. App 17 s 214 …. 11.5, 11.8, 11.9, 11.10, 11.12, 11.14, 11.15, 11.26, 11.27, 11.31, 11.32, 11.37 ss 214–215 …. 11.2 s 214(1) …. 11.27, 11.29, 11.30, App 17 s 214(2) …. 11.10, App 17 s 214(2)(a) …. 11.10 s 214(3) …. 6.74, 11.21, App 17 s 214(4) …. 11.10, 11.19, App 17 s 214(5) …. 11.17, App 17 s 214(6) …. 11.10, App 17 s 214(7) …. 11.10, App 17 s 214(8) …. App 17 s 215 …. 11.12, 13.43 s 215(1) …. 13.35, App 17 s 215(2) …. 13.35, App 17 s 215(3) …. App 17 s 215(4) …. 11.30, 13.36, 14.2, App 17 s 215(5) …. 13.37, App 17 s 216(1) …. App 17 s 216(2) …. App 17 s 216(3) …. App 17 s 216(4) …. App 17

s 216(5) …. App 17 s 216(6) …. App 17 s 216(7) …. App 17 s 216(8) …. App 17 s 246ZA …. 11.33, 11.37, 13.11, 13.40, 13.41, 13.43 s 246ZB …. 1.8, 11.10, 11.33, 11.34, 11.35, 11.37 s 246ZB(1) …. 11.10, 11.27, 11.29 s 246ZB(2) …. 1.8, 11.10, 11.34, 11.35, 11.36 s 246ZB(2)(b) …. 1.8, 11.10, 11.35 s 246ZB(3) …. 1.8, 11.35, 11.36 s 246ZB(5) …. 11.17 s 246ZB(6) ….. 11.10 s 246ZB(7) ….. 11.10 s 246ZC …. 11.10, 11.33, 13.11, 13.40, 13.43 s 246ZD …. 11.33, 11.37 s 246ZD(2) …. 11.37 s 251 …. 5.97 Insolvency Rules 1986 r 13.12 …. 11.10 Joint Stock Companies Act 1856 …. 2.22, 2.25 Limited Liability Act 1854 …. 2.22, 2.23, 2.24, 2.25 Limited Liability Partnerships Regulation 2001 …. 11.10 Small Business, Enterprise and Employment Act 2015 …. 11.12, 11.13, 11.33, 13.1 s 117 …. 1.8, 11.10, 11.17, 11.27, 11.29, 11.33, 13.41, 13.42, 13.43, 14.2, App 19 ss 117–119 …. 11.2

s 118 …. 11.37

TABLE OF CONTENTS Publisher’s Note Preface Table of Cases Table of Statutes

Part 1

INTRODUCTION

Chapter 1

The Regulation of Insolvent Trading and Fraudulent Trading – An Overview

Chapter 2

The Company as a Separate Legal Entity and the Concept of Limited Liability

Chapter 3

Duties of Directors

Part 2

INSOLVENT TRADING

Chapter 4 The History of Insolvent Trading Regulation in Australia Chapter 5

The Obligation to Prevent a Company Incurring a Debt in the Circumstances set out in s 588G

Chapter 6

Defences Available to Directors for Insolvent Trading

Chapter 7

Liability of a Holding Company for the Insolvent Trading of a Subsidiary

Chapter 8

Consequences of Insolvent Trading

Chapter 9

Insolvent Trading Regulation of Entities other than Companies

Chapter 10 Reform of Insolvent Trading Laws Chapter 11 Regulation of Insolvent Trading in Overseas

Jurisdictions

Part 3

FRAUDULENT TRADING

Chapter 12 Introduction to Fraudulent Trading Chapter 13 Legislative Responses to Fraudulent Trading in the United Kingdom Chapter 14 The British Judiciary’s Approach to Fraudulent Trading Chapter 15 The History of Fraudulent Trading Regulation in Australia Chapter 16 The Australian Judiciary’s Approach to Fraudulent Trading Appendix 1

Companies Act 1936 (New South Wales)

Appendix 2

Companies Act 1961 (New South Wales)

Appendix 3

Companies Act 1961 (New South Wales)

Appendix 4

Companies (New South Wales) Code 1981

Appendix 5

Corporations Act 1989 (Cth) and Corporations Law 1989 (Cth)

Appendix 6

Corporations Act 2001 (Cth)

Appendix 7

Associations Incorporation Act 1985 (South Australia)

Appendix 8

Associations Incorporation Act 1991 (Australian Capital Territory)

Appendix 9

Associations Act 2003 (Northern Territory)

Appendix 10

Associations Incorporation Act 2009 (New South Wales)

Appendix 11

Associations Incorporation Act 2015 (Western Australia)

Appendix 12

Companies Act 1993 (New Zealand)

Appendix 13

Companies Act 1928 (United Kingdom)

Appendix 14

Companies Act 1929 (United Kingdom)

Appendix 15

Companies Act 1948 (United Kingdom)

Appendix 16

Companies Act 1985 (United Kingdom)

Appendix 17

Insolvency Act 1986 (United Kingdom)

Appendix 18

Companies Act 2006 (United Kingdom)

Appendix 19

Small Business, Enterprise and Employment Act 2015 (United Kingdom)

Index

[page 1]

Part 1 INTRODUCTION 1. The Regulation of Insolvent Trading and Fraudulent Trading – An Overview 2. The Company as a Separate Legal Entity and the Concept of Limited Liability 3. Duties of Directors

[page 3 ]

1 THE REGULATION OF INSOLVENT TRADING AND FRAUDULENT TRADING – AN OVERVIEW Introduction 1.1 Australian state and federal legislatures and some overseas jurisdictions1 have for some time enacted legislation designed to regulate two discrete practices by companies and its directors. Those practices have been described as ‘insolvent trading’2 and ‘fraudulent trading’. The current regulatory provisions in Australia relating to insolvent trading are contained in ss 588G-588Y of the Corporations Act 2001 (Cth).3 In relation to fraudulent trading, the relevant provisions are contained in s 592(6) of the Corporations Act.4 Both forms of regulation have a long legislative history.5 As will be seen,6 the regulation of insolvent trading and fraudulent trading forms part of a response to illegitimate trading by those who utilise a corporate entity. A fundamental issue when considering this regulation is ascertaining whether both forms of conduct should be the subject of regulation and, if so, whether the current regulatory provisions are adequate. In relation to fraudulent trading, where the emphasis is upon intention to defraud or fraudulent purpose, the legislative response [page 4] is easy to defend on public policy grounds with the necessary criminal and/or civil consequences almost uncontroversial. Insolvent trading is conceptually more complex because it does not need to involve dishonesty or fraudulent intent; and can be satisfied on the basis that particular conduct of directors was

reckless and done in circumstances where the company was or would become insolvent and which led to loss. In such cases, the legislation creates a regime of recovery of compensation by liquidators or creditors for losses sustained. 1.2 The issue of regulation of both these two forms of trading should be linked to the need to achieve an appropriate balance between, on the one hand, encouraging or allowing legitimate risk-taking, and, on the other, deterring irresponsibility and/ or fraud by corporate managers in circumstances where directors take risks and incur obligations through a corporate structure. Tilting the balance either way could result in not regulating conduct that the community expects to see regulated or overprotecting creditors or other persons who should be able to look after themselves. In regard to fraudulent trading, public policy and community expectations underpin the need for regulation. The case is different in regard to insolvent trading. The relevant regulatory provisions are designed to give creditors a degree of assurance that notwithstanding that they have dealt with a company and have not been paid and notwithstanding that they are a creditor of the company, nevertheless they may be able to recover their loss from any transaction from the directors who have been found to have engaged in a form of reckless trading. The availability of a statutory recovery procedure exists pursuant to these provisions despite the fact that creditors are generally able to protect themselves at the time of entry into any contract with the company by the following means: (a) insisting on obtaining proper security such as director guarantees or charges against company assets; (b) including retention of title provisions such as ‘romalpa’ clauses7 where goods are to be sold, or by adopting ipso facto clauses8 in contracts with the company so as to be able to terminate a contract; or (c) requiring a debtor company to provide them with regular and

transparent financial information which gives a true and fair view of the company’s financial position so that the creditor is able to monitor the company’s financial affairs.9 [page 5] Creditors may also be able to insist upon liquidated damages provisions10 or higher rates of interest (in a non-penalty sense) where there is default.11 Of course, creditors can always choose not to deal with the particular company; or they can simply accept the risks in doing so based upon a myriad of reasons, including previous trading history,12 and rely upon their ordinary contractual rights as well as their rights to instigate recovery proceedings directly against the company.13 Those proceedings could also include issuing a statutory demand against the debtor company, thereby invoking Divs 2 and 3 of Pt 5.4 of the Corporations Act, as a procedure to be repaid.14 1.3 Against this position, however, those who support the need for insolvent trading regulation could point to the following as justification for the maintenance of this debt recovery regime: •

first, debtor company directors are in a better position to know their own company’s financial state as they possess that information and are the ones who really know whether there is a reasonable likelihood that the debt will be repaid when it falls due;

•

second, to trade while insolvent in circumstances where the debtor company is using the creditor’s capital or goods unfairly transposes the debtor company’s risk to the creditor and, as such, should be regulated;

•

third, a creditor will not always be able to dictate contractual terms as the bargaining power may be in the debtor company’s favour;

•

fourth, a debtor company may not be able or may be unwilling to provide adequate security15 to the creditor;

•

fifth, it may be the case that as a matter of practical reality, if

one creditor refuses to deal with the debtor company, a competitor of the creditor may well do so; and [page 6] •

sixth, the fact that the common law in Australia has failed to embrace a general duty owed by directors to creditors16 may mean that creditors are vulnerable to reckless and indifferent trading by companies.

These factors may go some way to justifying the need for insolvent trading regulation and thereby maintaining a regime which permits recovery of loss and damage from directors of debtor companies, notwithstanding those directors had an expectation that the veil of incorporation may have offered them protection, particularly as they were not fraudulent. 1.4 When insolvent trading first became regulated in Australia,17 there were those who raised the question of the right balance between appropriate risk-taking and conduct then thought to be improper. Illustrative were the remarks Hon A D Bridges made during the debate in the Legislative Assembly in New South Wales in relation to the Companies Amendment Bill18 on 8 April 1964. According to Bridges:19 The Australian community owes its existence and development to the taking of risks. We must have an adventurous spirit and get away from conservative ideas. At times circumstances seem to justify a course that is somewhat unusual, perhaps involves financial responsibilities and may not always be profitable or even lead to progress in the long run. This community would not be what it is today if it were not for people who have taken risks. Those are factors that the Government must consider introducing legislation of this character. However at the same time it has a responsibility to prevent the type of behaviour which has brought so much disrepute to the general conduct of companies in Australia.

Where, therefore, should the line be drawn between appropriate risk-taking by corporate managers and inappropriate decisions that are taken based upon directors’ over-sanguine views of the company’s ability to repay obligations? As noted above, where a person has been deceived, legislative-based sanctions are easier to justify, as resort can be made to public policy considerations that

ground the regulation of fraud-based and dishonest activities.20 However, the question of regulating reckless conduct or, indeed, passive neglect that has occurred without any intention to deceive, is harder to grapple with and raises the prospect of overcompensating corporate creditors who may have other remedies at their disposal. 1.5 The regulation of both forms of trading is triggered by different circumstances brought about by a company’s dealings with third parties. In the case of insolvent [page 7] trading, an obligation is imposed upon directors of companies to prevent a company incurring a debt in circumstances where the company is insolvent or would become insolvent by incurring that debt or other debts, and where there were at the time reasonable grounds for suspecting that the company was insolvent or would so become insolvent.21 The insolvent trading provisions operate as a border to entrepreneurial risk-taking. Decisions made and actions taken by directors to incur a debt in the name of the company when the company is insolvent as defined in the Corporations Act (or where it would become insolvent as a result of incurring that debt or other debts) may give creditors the right to seek redress both against directors and, where relevant, holding companies. This right of redress is so notwithstanding that the creditors were always aware that they dealt with a corporate entity and that they took the risk in so dealing. In regard to fraudulent trading, liability is imposed upon persons who are knowingly concerned in the doing of certain fraudulent acts when the company is in one or more of the circumstances set out in s 589 of the Corporations Act. The provision applies not just to directors, and operates to impose personal liability for the consequences of those acts. 1.6 In regulating insolvent trading and fraudulent trading, the

Corporations Act provisions make no attempt at offering different regulatory treatment for large and small companies (or for large and small businesses operating through the corporate form). This is so notwithstanding that at least with respect to corporate compliance obligations, ‘small businesses feel the burden of regulation more strongly than other businesses’ and ‘almost universally, their lack of staff, time and resources present challenges in understanding and fulfilling compliance obligations’.22 The current position is that the relevant indicia that is needed to establish a breach of s 588G (or s 588V relating to holding companies) and a breach of s 592(6), makes no distinction between large (public or proprietary) and small companies. The question arises whether there should be different regulatory requirements for insolvent trading and/or fraudulent trading for different sized businesses? In the United States, the method of tiering is commonly used by regulators in order to enable them to provide different regulatory treatment for small businesses.23 However, in Australia, it appears that almost 70 per cent of regulators do not practise or support different treatment of small businesses.24 According to the Australian Government Productivity Commission, the main reasons given by regulators for this reticence is because they aim to facilitate compliance by all businesses regardless of business size or because they view small and large businesses as having similar needs. [page 8] It is noteworthy that of the 30 per cent of regulators that did support different treatment for small businesses, the evidence was that the main reasons given were that small businesses need help to understand compliance requirements and that compliance costs are disproportionately greater for small businesses.25 This issue is particularly important given that qualitative research26 reveals that: •

there are some 2 million businesses in Australia;27

•

small businesses make up around 96 per cent of all Australian businesses with approximately 60 per cent of these businesses functioning with the owner as the sole operator;28

•

in 2011-12, small businesses produced around 35 per cent of GDP and accounted for 43 per cent of employment;29 and

•

the cost base of small businesses is relatively more affected by compliance than that of larger businesses.30

1.7 In addition, the issue is apposite considering the general nature and characteristics of small businesses, which, according to the Australian Government Productivity Commission, have been described in the following way:31 A small business is usually not just a larger business on a smaller scale but one that operates in a fundamentally different way. The issue of what constitutes a small business has been well examined. In qualitative terms, a small business typically has the following three fundamental characteristics: •

it is independently owned and operated, that is, it is not part of a larger corporation or controlled by another firm;

•

the owner manager is the principal decision maker;

•

the owner manager contributes most, if not all, of the operating capital.

[page 9] Other characteristics common to the way a small business operates include: •

a small number of individuals work in the business — sometimes from the same family;

•

a simple management structure, usually with no specialised finance, personnel or regulatory/legal managers or systems;

•

limited resources, including finance, staff and skills — this often requires the owner manager to fulfil all regulatory obligations, leaving them time poor;

•

a small market share with a greater propensity to only supply the local market, or operate within a single state or territory.

1.8 Given the above characteristics and features, what restraints should be placed upon such companies in their ability to take risks and should those restraints apply equally to directors of large and small companies alike? What expectations should be placed upon their managers? How can managers of small corporate businesses be reasonably expected to monitor solvency on an ongoing basis

given the potential cost of doing so?32 How can the legislation be designed to ensure that the available defences to conduct such as insolvent trading are available, as a matter of practical reality, to directors of those small companies that often operate with minimal trained staff and expertise; may not be given regular financial ‘health checks’ from qualified persons in relation to corporate performance; may rely on various ad hoc approaches to business including adherence to notions that they can trade through slow periods as long as they get extra credit; or can unilaterally decide not to pay creditors as promptly as the creditors would like or as was contracted?33 Should managers of these companies [page 10] be personally liable for debts incurred in such circumstances if it turns out that the company is unable to pay its debts and that any view the manager may have had about being able to repay a debt or debts was based on an overly sanguine view? Some overseas countries have grappled differently with this issue.34 1.9 Other issues should also be considered in the overall context of balancing corporate risk-taking and making statutory remedies available to creditors. According to the Australian Institute of Company Directors’ Director Sentiment Index,35 in the period from the first half of 2013 to the first half of 2014, it was revealed that of those surveyed, between 56 per cent and 59 per cent of directors found the current corporate governance regulations in the Corporations Act onerous and between 36 per cent and 46 per cent of directors stated that director liability legislation had a negative impact on business decision-making. In addition, in the same period, between 41 per cent and 49 per cent of directors surveyed stated that director liability legislation negatively impacted their willingness to continue on a board and between 53 per cent and 62 per cent stated that the legislation negatively impacted their willingness to accept new board appointments. How significant should these views be in the design of legislation that is to regulate

corporate managers who do not act deceitfully or with a fraudulent intent but who nevertheless trade with actual or constructive knowledge of their company’s lack of solvency? [page 11]

Insolvent trading 1.10 When a company has a liquidity crisis its directors need to take special care in their dealings with those outside the company. As part of this practice, directors need to consider their company’s ability to pay all its debts as and when they become due. This is particularly so when the company is in financial difficulty or where some form of financial management structure is in place. If a reasonably competent director would conclude that the company lacks the capacity to repay its obligations, or would lack that capacity after incurring the debt, they should not cause the company to incur further debts; otherwise they risk being found personally liable. This will be so where the company is insolvent at the time when the debt is incurred or becomes insolvent by incurring at that time debts including that debt: s 588G(1)(b). If it is found that there has been a breach of s 588G of the Corporations Act, a court may also declare that those directors who have failed to prevent the company from incurring the debt have contravened the legislation and, in relevant circumstances, can declare that the directors have committed an offence to which absolute liability applies.36 1.11 In addition, s 588V(1) of the Corporations Act imposes liability on holding companies for insolvent trading by a subsidiary of that holding company when the subsidiary incurs a debt:37 (1) A corporation contravenes this section if: (a) the corporation is the holding company of a company at the time when the company incurs a debt; and (b) the company is insolvent at that time, or becomes insolvent by incurring that debt, or by incurring at that time debts including that debt; and

(c) at that time, there are reasonable grounds for suspecting that the company is insolvent, or would so become insolvent, as the case may be; and (d) one or both of the following subparagraphs applies: (i)

the corporation, or one or more of its directors, is or are aware at that time that there are such grounds for so suspecting;

(ii) having regard to the nature and extent of the corporation’s control over the company’s affairs and to any other relevant circumstances, it is reasonable to expect that: (A) a holding company in the corporation’s circumstances would be so aware; or (B) one or more of such a holding company’s directors would be so aware …

1.12 Although a holding company will not commit an offence if there has been a contravention of s 588V of the Corporations Act,38 if the subsidiary is being wound up, the liquidator of the subsidiary may recover from the holding company, as a debt due to the subsidiary, an amount equal to the amount of any loss or damage [page 12] sustained by the person to whom the debt is owed in relation to the debt because of the company’s insolvency. 1.13 As will be seen in Chapter 5, s 95A of the Corporations Act is one of the operating provisions that trigger the regulation of insolvent trading. The section currently provides that: (1) A person is solvent if, and only if, the person is able to pay all the person’s debts, as and when they become due and payable. (2) A person who is not solvent is insolvent.

A company’s ability to pay its debts as and when they fall due and payable is a question of fact to be determined in all the circumstances. Section 95A assists by using a cash flow test for insolvency rather than adopting a balance sheet test.39 This means that attention needs to be directed to sources of income that may be available to the company as well as to various expenses likely to be incurred, rather than simply casting an eye over the value of

assets and liabilities as stated in a company’s accounting records. However, a cash flow test can cause a dilemma as it often requires directors, creditors and courts to assess solvency at different points in time resulting in a further dimension of complexity to the regulation of insolvent trading. 1.14 The legislative history of regulating insolvent trading has been somewhat tortuous, and statutory development in this area shows little sign of abatement.40 In summary, it can be noted that insolvent trading first became the subject of legislative regulation in Australia in 1961.41 That regulation had no equivalent at common law. [page 13] Subsequently, a suite of legislative provisions followed,42 altering the way insolvent trading was regulated and to whom it was directed. Further changes are predicted.43 In addition, this form of trading is also regulated in a similar way in the context of cooperatives and incorporated non-profit associations.44 Regulation of this form of trading was even foreshadowed with respect to close corporations had the relevant legislation been enacted for that proposed form of company.45 1.15 Division 3 of Pt 5.7B of the Corporations Act contains the current provisions that regulate insolvent trading as it applies to corporations. The heading to that Division is in the following terms: ‘Director’s Duty to Prevent Insolvent Trading’.46 This makes it clear that the underlying rationale for the regulatory provisions is to impose a duty upon directors to prevent such trading. The relevant sections within Div 3 relating to insolvent trading, ss 588G-588Y, commenced operation on and from 23 June 1993 and were designed to replace the insolvent trading provisions that are contained in ss 592-593 of the Corporations Law.47 However, these latter provisions continue to apply to debts incurred prior to 23 June 1993 in circumstances amounting to insolvent trading. 1.16 When analysing the current regulation of insolvent trading it is important to understand the object behind the regulation.

Unfortunately, attempts at ascertaining and stating this object have not always proven to be consistent.48 An early exposition of the object behind the regulation of insolvent trading (in the context of s 374C of the [page 14] Companies Act 1961 (NSW))49 is contained in Re Concept Constructions Ltd (1976-1977) 2 ACLR 219. In that case, Harris J stated the following (at 224): … the whole point of the legislation contained in sec. 374C is the endeavour to ensure that directors and others in control of other limited liability companies do not cause such companies to contract debts when there are no reasonable or probable grounds of expectation after taking into account the other liabilities, if any, of the companies at the time, of the companies being able to pay such debts. Thus directors and other officers have to act on the basis that their conduct will be assessed by others later in an objective way and this should have the effect that when they are parties to companies contracting debts, they consider matters more dispassionately themselves and do not act merely hoping that all will be well and believing that if it is not, their personal liability is limited.

Later, in Karounos v Flavel (1984) 2 ACLC 394, Zelling J noted the protective aim of s 374C when his Honour stated the following (at 399): The object of s 374C is the protection of creditors from feckless directors. If the company flourishes the creditors have their remedy against the company. However, if the company is liquidated or becomes insolvent the creditors have otherwise no remedy. Section 374C is designed to prevent directors from taking advantage of the corporate veil in order to prevent claims from hapless creditors.

1.17 This aim to protect creditors, coupled with the ambition of imposing greater responsibility on corporate managers, was repeated in the Explanatory Memorandum to the then Companies Code (NSW) 1981 at [1219] in relation to the draft clause which later became s 556 of that Code. In that paragraph of the Explanatory Memorandum, it was stated that the aim of the proposed insolvent trading provisions: … has been restructured to place greater responsibility on persons who are directors or managers of a company at the time that unreasonable debts are incurred by the company and to provide that such persons, and the company, are liable to creditors for the repayment of any debts incurred in contravention of cl. 556.

Similar sentiments were echoed by Kirby P in Metal Manufactures Ltd v Lewis (1988) 6 ACLC 725, when his Honour stated the following (at 726): Whether one like it or not, judges it wise or unwise, sensible or foolish, parliament has provided that in certain circumstances creditors may recover debts from a person who was (relevantly) a director of a company in the circumstances there provided. The obvious purpose of the legislation is not only to provide a means of redress to creditors, lifting the veil of incorporation, where parliament has deemed it appropriate to do so, it is also aimed, by proper concern lest such proceedings subsequently be brought against the directors personally, to instil in them, during times of insolvency or economic difficulty in the corporation, to take particular care in the incurring of debts by the corporation with third parties.

[page 15] In other words, the overriding objective is for directors to take care by giving closer attention to their duties, otherwise they may be liable to creditors. This is particularly the case where their actions can be said to have breached s 588G — a section which imposes upon them a positive obligation not to incur debts in circumstances of insolvency. Despite this objective, the question which arises is whether the provisions impose a further duty on directors to cease trading and to initiate winding up proceedings when the company cannot trade out of its financial difficulties.50 This step is not one prescribed by the legislation but appears to be one that may have, or could have, caused adverse consequences. According to the Australian Institute of Company Directors, the insolvent trading regime:51 •

not only encourages, but effectively mandates directors to move to external administration as soon as a company encounters financial difficulties in order to avoid personal liability and consequent reputational damage;

•

discourages directors from taking sensible risks when considering other kinds of informal corporate reconstructions or ‘work-outs’ to deal with a company’s financial problems;

•

provides an incentive for creditors, especially secured creditors, to act in their own self-interest and arrange for the disposal of key assets and the termination of continuing contractual arrangements as soon as possible;

•

can lead to financially viable companies suffering the consequences of external administration, including ceasing to be a ‘going concern’, suffering the loss of value and goodwill and incurring the expense of engaging

administrators or receivers when it may have been possible under a less prescriptive legislative regime for the company to restructure itself and secure its financial standing; and •

can lead to losses by shareholders, creditors, employees and, in many cases, may have downstream impacts on the broader community through loss of the value of their investments, retirement savings and jobs.

1.18 The inescapable fact is that the legislature has regulated the incurring of debts by companies in prescribed circumstances in a way that permits the veil of incorporation to be lifted by creditors of a company thereby exposing directors to personal liability to creditors. Sections 588G-588Y and their statutory predecessors52 operate as a boundary or restraint to entrepreneurial risk-taking and provide creditors with remedies against directors (and/or, relevantly, holding companies) as well as impose other possible consequences. In times of economic hardship, these consequences are easier to justify. However, the provisions stand in juxtaposition [page 16] to the concept of limited liability and to the metaphorical ‘red flag’ warning53 to which creditors who dealt with a limited liability company were exposed. According to Gower, the word ‘limited’ in a company’s name operated as a warning to the public that the company with whom they dealt, although itself generally having unlimited liability, consisted of members (and directors) who enjoyed limited liability for the debts and obligations of the company itself. This meant that a creditor’s right to recover money owed to them by the company was practically speaking confined to the company with which they contracted and did not extend to being able to recover their debt as ‘loss or damage’ from directors of the debtor company. By allowing such recovery, ss 588G-588Y changed the landscape and has dimmed the warning sign previously given by the use of the word ‘limited’ in a company’s name. This is so notwithstanding that the directors may not have acted fraudulently or with any intention to deceive. The circumstances permitting recovery from directors (and holding companies) in consequence of insolvent trading are the

subject of detailed regulatory provisions which have evolved since they originally incepted. So much so, the Chief Justice of Western Australia (speaking extra-curially) described those provisions in the following way:54 The laws of Australia which expose directors to personal liability in the event that a company trades while insolvent are arguably the strictest in the world.

1.19 The question which must be asked is whether losses sustained by corporate creditors should be made good by company officers when it can be argued that such creditors knew or should have known the position when they dealt with a separate legal entity in which members and officers had limited liability. A further layer of complexity is added to this question if it can be assumed that directors of the defaulting company never intended to be personally liable to the creditor for the debt that their company incurred to that creditor. When a party signs a document which apparently embodies all the terms of a contract, the signing party is taken to have signified its assent to those terms, and to have held out to other parties that it has done so: Equus Corp Pty Ltd v Glengallan Investments Pty Ltd [2004] HCA 55; (2004) 218 CLR 471 at [33]-[36]; Toll (FGCT) Pty Ltd v Alphapharm Pty Ltd [2004] HCA 52; (2004) 219 CLR 165 at [42]-[48]. Further, in Clark Equipment Credit of Australia Ltd v Kiyose Holdings Pty Ltd (1989) 21 NSWLR 160, Giles J stated the following (at 174): In the result, I conclude that the proper approach is to inquire whether there is to be found an intention that the signatory be personally bound to the contract evidenced in the document, meaning thereby not a subjective intention but an

[page 17] intention to be found objectively, notwithstanding a qualification attached to the signature. That intention, or lack thereof, is to be found upon the construction of the document as a whole, including but not being limited to the qualification attached to the signature, in the light of the surrounding circumstances to the extent to which evidence thereof is permissible. The inquiry is not limited to consideration of the signature and its qualification in order to determine whether or not the signature indicates an assent to be personally bound.

1.20 The remarks by Giles J in Clark Equipment Credit of Australia

Ltd were cited with approval by Kunc J in Crane Distribution Ltd v Yang [2016] NSWSC 620 at [24]. 1.21 Yet, in cases of insolvent trading, notwithstanding that a director may have executed a contract on behalf of a company, for example, in conformity with s 127 of the Corporations Act,55 and then signed their name in a directorial capacity, and notwithstanding that there is no evidence that the director intended to be personally bound to the contract, the insolvent trading provisions nevertheless attach consequences to those directors when the indicia of the regulatory provisions are satisfied. 1.22 Is it desirable to regulate business risks embarked upon by over-sanguine directors in circumstances where their company is insolvent in such a way as to impose liability upon the directors equivalent to the loss or damage that the creditors have sustained? Where is the line to be drawn between encouraging corporate risktaking and protecting the interests of creditors? 1.23 As part of drawing an appropriate line, the following additional issues are raised: •

First, to what degree should creditors of companies be permitted to go behind the corporate veil and attach liability to company directors? In answering this question, it is easier to justify ‘piercing the corporate veil’ in relation to fraudulent trading than in regard to insolvent trading.

•

Second, in relation to insolvent trading, what is the proper measure of insolvency and how are directors able to continually monitor insolvency?

•

Third, what is a ‘debt’ for the purposes of the insolvent trading provisions and when can it be said to have been ‘incurred’? Should further guidance be provided on this issue?

•

Fourth, do the statutory defences set out in ss 588H and 588X give adequate protection to directors and, if not, should provision be made for additional defences such as the

introduction of a specific business judgment rule similar to the one [page 18] contained in s 180 of the Corporations Act56 or along the lines of the ‘honest and reasonable director defence’?57 •

Fifth, when should holding companies be liable for the insolvent trading of subsidiaries when those holding companies may have been unaware of the particular trading by the subsidiary?

•

Sixth, should a ‘safe harbour’ concept be introduced along the lines stated by the Commonwealth Government such that directors be allowed a period of time in which to obtain independent restructuring advice without having liability imposed upon them for insolvent trading?58 Would such a safe harbour be only beneficial to companies that could afford the restructuring advice?

•

Seventh, should further consideration be given to making directors’ and officers’ liability insurance compulsory for directors and for those directors to declare on an annual basis that such insurance is in place? Such insurance could have cover for insolvent trading. This requirement is not all that unlike the position with respect to various state requirements for incorporated associations to have in place public liability insurance.59

Fraudulent trading 1.24 The decision in Salomon v A Salomon & Co Ltd [1897] AC 22; [1895-9] All ER Rep 33,60 although establishing the notion of a corporate legal personality distinct [page 19] from membership, forewarned about the potential for abuse that this separateness offered. Significantly, the House of Lords also

indicated just how such abuse was likely to be treated. According to Lord Halsbury, fraud constituted an important qualifier to the immutability of the separate legal entity doctrine. His Lordship said (AC at 30): I am simply here dealing with the provisions of the statute, and it seems to me to be essential to the artificial creation that the law should recognise only that artificial existence — quite apart from the motives or conduct of individual corporators. In saying this, I do not at all mean to suggest that if it could be established that this provision of the statute to which I am adverting had not been complied with, you could not go behind the certificate of incorporation to show that a fraud had been committed upon the officer entrusted with the duty of giving the certificate and that by some proceeding in the nature of scire facias you could not prove the fact that the company had no legal existence. But short of such proof it seems to me impossible to dispute that once the company is legally incorporated it must be treated like any other independent person with its rights and liabilities appropriate to itself and that the motives of those who took part in the promotion of the company are absolutely irrelevant in discussing what those rights and liabilities are …

1.25 The potential for dishonest exploitation of the cornerstone principles of company law has been acknowledged since Salomon’s case. The Cohen Committee’s report in 1947 touched on this practice in the United Kingdom. The following extract from the introduction to this report was adopted by the New South Wales Minister of Justice, Mr Norman Mannix, when making the second reading speech in the Legislative Assembly, in relation to the Companies Bill 1960:61 We are satisfied by the evidence that the great majority of limited companies, both public and private, are honestly and conscientiously managed. We believe that the system of limited liability companies has been and is beneficial to the trade and industry of the country and essential to the prosperity of the nation as a whole. The Companies Acts have been amended from time to time to bring them into accord with changing conditions, but if there is to be any flexibility opportunities for abuse will inevitably exist.

It was emphasised as part of this second reading speech that the privilege of limited liability was in danger of being brought into disrepute by certain unscrupulous individuals, in their capacity as directors and often as sole shareholders of small proprietary companies with a very small paid-up capital. Mannix added:62

Creditors have been cheated of thousands of pounds as a result of the activities of these persons who, a short time after the failure of one company through the reckless, even fraudulent incurrence of liabilities are able to resume operations behind the veil of another company similarly constituted. One answer to this would seem to

[page 20] suggest that creditors should exercise more care in inquiring into the background of a company and its directors before extending credit. The exigencies of business, of course, do not always render this practicable. Another answer lies in the provisions which already exist in the Act to enable the conduct of directors to be inquired into during the course of a winding up.

1.26 The regulation of fraudulent trading has been characterised by very little ongoing legislative initiative after it was first promulgated. The legislative history dealing with the regulation of fraudulent trading in Australia is dealt with in Chapter 15. An analysis of how those sections have been interpreted by the courts appears in Chapter 16. For an analysis of the historical and current legislative position in the United Kingdom, reference should be made to Chapter 13, and for the British judiciary’s approach to those provisions, recourse should be made to Chapter 14. 1.27 Section 592(6) of the Corporations Act is the current legislative provision that regulates fraudulent trading in Australia. That provision is an example of one of the statutory limitations that have been imposed upon the notion of limited liability in the context of where a separate legal entity is used as a trading vehicle in dealings with outsiders such as creditors. Essentially, the section and its statutory predecessors were designed to prevent members of companies committing abuse by shielding behind their corporate entity when it was used with an intention to deceive or for a fraudulent purpose. As will be seen, these regulations, to use Kahn-Freund’s63 description, are an important illustration of a position that prevents a corporate entity holding its ‘tyrannical sway’ to the prejudice of others. 1.28 In order to activate the current regulation of fraudulent trading in Australia, the following criteria need to be established to the requisite standard of proof:

(a) First, the company must have done an act (including the making of a contract or the entering into of a transaction). (b) Second, that act must have been done with intent to defraud creditors of the company or any other person or for any other fraudulent purpose. (c) Third, the company must be at the time when it does the act, or becomes at a later time, a company to which s 592(6) of the Corporations Act applies. A company will satisfy this requirement when any of the prescribed circumstances that are set out in s 589 apply. (d) Fourth, if each of the above criteria is satisfied, then any person who was knowingly concerned in doing of the act with that intent or for that purpose contravenes s 592(6).

1.

In regard to the regulation of insolvent trading in some overseas jurisdictions, see Chapter 11. With respect to fraudulent trading, see Chapters 15 and 16.

2.

Insolvent trading is sometimes referred to as ‘wrongful trading’ or ‘reckless trading’.

3.

These provisions are analysed throughout Chapters 5-8.

4.

These provisions are analysed in Chapters 15 and 16.

5.

For the legislative history of insolvent trading in Australia, see Chapter 4. For the legislative history of fraudulent trading in Australia, see Chapter 15.

6.

The regulation of fraudulent trading in Australia had its genesis in various state Companies Acts. Those provisions were themselves based upon earlier English legislation: see Companies Act 1929 (UK) s 275, discussed in Chapter 11. It would appear that the first attempt at legislating the regulation of fraudulent trading in Australia was contained in s 284 of the Companies Act 1931 (Qld). As will be seen in Chapter 15, s 307 of the Companies Act 1936 (NSW) contained the first example of a statutory attempt to regulate such trading in New South Wales. Other states promulgated similar provisions: see Companies Act 1934 (SA) s 290; Companies Act 1959 (Tas) s 237; Companies Act (Vic) s 226; Companies Act 1938 (Vic) s 275; Companies Act 1943 (WA) s 281.

7.

A ‘romalpa’ or retention of title clause is a provision in a contract for the sale of goods on terms that specify that title to the goods the subject of the sale will remain with the seller until the buyer has paid for them or has complied with further requirements: see Aluminium Industrie Vaassen BV v Romalpa Aluminium Ltd [1976] 1 WLR 676.

8. 9.

Ipso facto clauses enable a party to a contract to terminate the agreement upon the insolvency of the other party. It should be noted that there have been calls for such clauses to be declared unenforceable. See M Byrne, ‘An Economic Analysis of Directors’ Duties in Favour of Creditors’ (1994) 4 Australian Journal of Corporate Law 275 at 277.

10. On the issue of liquidated damages and penalty clauses in contracts, see J V Gooley, P Radan and I Vickovich, Principles of Australian Contract Law, 3rd ed, LexisNexis Butterworths, Sydney, 2014, [30.3]–[30.33]. 11. See J Mannolini, ‘Creditors’ Interests in the Corporate Contract: A Case for the Reform of Our Insolvent Trading Provisions’ (1996) 6 Australian Journal of Corporate Law 14 at 25. 12. D Morrison, ‘The Economic Necessity for the Australian Insolvent Trading Prohibition’ (2003) 12 International Insolvency Review 171 at 177ff. 13. It should be noted that if a company has commenced winding up, all creditors’ claims are stayed as are all legal proceedings against the company. In relation to the latter, leave of the court (as defined in s 58AA of the Corporations Act) is necessary for a person to begin or proceed with proceedings against the company or relation to its property or in respect of enforcement process in relation to such property: Corporations Act s 471B. See Re Sydney Formworks Pty Ltd (in liq) [1965] NSWR 646; South Australian Management Corporation v Sheahan (1995) 16 ACSR 45. 14. On the issue of statutory demands, see a summary of the relevant Corporations Act provisions in J V Gooley, M Zammit, M Dicker and D J R Russell, Corporations and Associations Law: Principles and Issues, 6th ed, LexisNexis Butterworths, Sydney, 2015, [30.9]–[30.18]. 15. M Whincop, ‘Taking the Corporate Contract More Seriously: The Economic Cases Against, and a Transaction Cost Rationale for the Insolvent Trading Provisions’ (1995) 5 Griffith Law Review 1 at 1. 16. See Spies v R (2000) 201 CLR 603. This decision, and the question of whether any duties are owed by directors to creditors, and if so, in what circumstances, are dealt with in Chapter 3. 17. Some of the earlier provisions relating to the regulation of insolvent trading are analysed in Chapter 4. 18. This Bill ultimately was passed by parliament with the result that the Companies Act 1961 (NSW) was amended. 19. New South Wales Legislative Assembly, Parliamentary Debates, 8 April 1964, p 8381. 20. See, for example, Marchesi v Barnes [1970] VR 434; Australian Growth Resources Corporation Pty Ltd v Van Reesma (1988) 13 ACLR 261. 21. The prescribed circumstances are set out in s 588G(1) of the Corporations Act, which is analysed in Chapter 5. 22. Australian Government Productivity Commission, Regulator Engagement with Small Business, Commonwealth of Australia, Canberra, 9 October 2013, pp 2, 67.

Australian Government Productivity Commission, Regulator Engagement with Small 23. Business, Commonwealth of Australia, Canberra, 9 October 2013, p 82. 24. Australian Government Productivity Commission, Regulator Engagement with Small Business, Commonwealth of Australia, Canberra, 9 October 2013, p 89. 25. Australian Government Productivity Commission, Regulator Engagement with Small Business, p 89. 26. A number of surveys have been undertaken concerning the perceived impact of potential personal liability. See, for example, The Australian Institute of Company Directors 2010 survey of over 600 directors of various sized companies the results of which are included in The Impact of Legislation on Directors, which can be found at

() (accessed 25 August 2016). 27. Australian Government Productivity Commission, Regulator Engagement with Small Business, Commonwealth of Australia, Canberra, 9 October 2013, p 28. 28. Australian Government Productivity Commission, Regulator Engagement with Small Business, Commonwealth of Australia, Canberra, 9 October 2013, p 28. 29. Australian Government Productivity Commission, Regulator Engagement with Small Business, Commonwealth of Australia, Canberra, 9 October 2013, p 29. 30. Australian Government Productivity Commission, Regulator Engagement with Small Business, Commonwealth of Australia, Canberra, 9 October 2013, p 72. 31. Australian Government Productivity Commission, Regulator Engagement with Small Business, Commonwealth of Australia, Canberra, 9 October 2013, p 29. 32. This cost may involve the regular use of external accountants or the need to engage professional advisory services. 33. In the United Kingdom, important provision is made for the general knowledge, skill and experience that a particular director has and this may assist directors of smaller companies who have less experience and training than their counterparts in larger companies. This situation has been brought about in consequence of the s 117 of the Small Business, Enterprise and Employment Act 2015 (UK) which received Royal Assent on 26 March 2015. Section 117 of that Act, will, upon commencement, make a number of changes to the wrongful trading provisions contained the Insolvency Act 1986. These changes are analysed in Chapter 11. Relevantly, a new s 246ZB will be introduced into the Insolvency Act and this section will apply where the following requirements that are set out in s 246ZB(2) apply: (a) the company has entered insolvent administration; (b) at some time before the company entered administration, that person knew or ought to have concluded that there was no reasonable prospect that the company would avoid entering insolvent administration or going into insolvent liquidation; and (c) the person was a director of the company at that time.

However, in these circumstances, the court must not make a declaration under s 246ZB with respect to any person if it is satisfied that, after the condition specified in subs (2)(b) was first satisfied in relation to the person, the person took every step with a view to minimising the potential loss to the company’s creditors as (on the assumption that the person had knowledge of the matter mentioned in subs (2)(b)) the person ought to have taken: s 246ZB(3). Importantly, for the purposes of s 246ZB(2) and (3), the facts which a director of a company ought to know or ascertain, the conclusions which the director ought to reach and the steps which the director ought to take are those which would be known or ascertained, or reached or taken, by a reasonably diligent person having both: (a) the general knowledge, skill and experience that may reasonably be expected of a person carrying out the same functions as are carried out by that director in relation to the company; and (b) the general knowledge, skill and experience that that director has. 34. For the position in the United Kingdom, see note 33 above. In New Zealand, s 135 of the Companies Act 1993 (NZ) regulates conduct known as ‘reckless trading’. As will be seen in Chapter 11, that section provides that a director of a company must not: (a) agree to the business of the company being carried on in a manner likely to create a substantial risk of serious loss to the company’s creditors; or (b) cause or allow the business of the company to be carried on in a manner likely to create a substantial risk of serious loss to the company’s creditors. Section 136 of the same Act provides that a director of a company must not agree to the company incurring an obligation unless the director believes at that time on reasonable grounds that the company will be able to perform the obligation when it is required to do so. Importantly, with respect to ss 135 and 136, s 137 introduces a significant degree of flexibility in the application of those sections to different companies. Section 137 states that a director of a company, when exercising powers or performing duties as a director, must exercise the care, diligence and skill that a reasonable director would exercise in the same circumstances taking into account, but without limitation: (a) the nature of the company; and (b) the nature of the decision; and (c) the position of the director and the nature of the responsibilities undertaken by him or her. 35. The results from this Index were referred to in the paper prepared by the Australian Institute of Company Directors, The Honest and Reasonable Director Defence: A Proposal for Reform, August 2014, pp 4-5. 36. Corporations Act s 588G(2), 588G(3) and 588G(3A). 37. The liability of holding companies in these circumstances is analysed in Chapter 7. 38. Corporations Act s 588V(2). 39. See Southern Cross Interiors Pty Ltd (in liq) v DCT (2001) 53 NSWLR 213; 39 ACSR 305; Bell Group Ltd (in liq) v Westpac Banking Corp (No 9) (2008) 70 ACSR 1; Emanouel v Cube Footwear Pty Ltd [2013] 2 Qd R 501; (2012) 92 ACSR 218. 40. In 2010, the Commonwealth Minister for Financial Services, Superannuation and

Corporate Law released a discussion paper on the operation of Australia’s insolvent trading laws in the context of attempts at business rescue outside of external administration. That discussion paper contained an overview of the current insolvent trading laws; the options available to companies facing insolvency and outlined the advantages and disadvantages of informal corporate workouts. The discussion paper set out three possible options for reform of the insolvent trading laws: first, to maintain the status quo; second, to adopt a modified business judgment rule in respect of the director’s duty to avoid insolvent trading; and third, to adopt a mechanism for invoking a moratorium from the insolvent trading prohibition while workouts are attempted. The discussion paper is available at (accessed 25 August 2016). Subsequently, proposed amendments to at least the insolvent trading defences (discussed in Chapter 10) were flagged by the Australian Government Productivity Commission, Inquiry Report, No 75, Business Set-up, Transfer and Closure that was sent to the Commonwealth Government on 30 September 2015 and publicly released on 7 December 2015. The report is available at (accessed 25 August 2016). The reform proposals are analysed in Chapter 10. 41. For the legislative history of this form of trading, see Chapter 4. 42. See Companies (NSW) Code 1981 s 556(1); Companies Act 1961 (NSW) s 303(3); Companies Act 1961 (NSW) s 374C(1) (commencing 1/1/72). 43. Discussed in Chapter 10. 44. See Chapter 9. See also J V Gooley, M Zammit, M Dicker and D J R Russell, Corporations and Associations Law: Principles and Issues, 6th ed, LexisNexis Butterworths, Sydney, 2015, [5.302]–[5.309], [5.322], [5.338] and [8.241]. 45. See ss 152 and 155-157 of the proposed Close Corporations Act 1989. This Act was never enacted but proposed that a company, called a closed corporation, be introduced. Such a corporation was to be a body corporate with a maximum of 10 natural persons as members. It was to have minimum reporting requirements. In consequence of a report tabled in parliament on 17 December 1992, a Joint Parliamentary Committee on Corporations and Securities recommended that the Close Corporation Act be repealed. The report followed submissions being received on aspects of the proposed legislation including insolvent trading. See J V Gooley, Insolvent Trading and the Close Corporation Act, 1992, a paper submitted to the Joint Parliamentary Committee. 46. The heading to the section is regarded as part of the Corporations Act in consequence of the operation of s 109D. 47. With regard to insolvent trading, a preliminary issue of ascertaining the date the debt was incurred must be made. If debts were incurred after 23 June 1993 in these circumstances, ss 588G-588Y will apply. For debts incurred prior to this date in similar circumstances, ss 592(1)-(5), (7), (8), 593(1) and (4)-(8) apply as long as s 589 is satisfied. 48. See, for example, the judgment of Kirby P in Macquarie Bank Ltd v Fociri Pty Ltd (1992) 10 ACLC 785 at 797-8 and his Honour’s judgment in Metal Manufactures Ltd v Lewis (1988) 6 ACLC 725 at 727. See also Watt v 3M Australia Pty Ltd (1985) 3 ACLC 324; 3M

Australia Pty Ltd v Watt (1984) 2 ACLC 621. 49. Section 374C is examined in Chapter 4. 50. (1991) C&SLJ 285. 51. Australian Institute of Company Directors’ submission dated 17 February 2015 in response to the Productivity Commission’s discussion paper, Business Set-Up, Transfer and Closure, p 3. 52. The legislative history of the insolvent trading provisions in Australia is set out in Chapter 4. 53. See L C B Gower, Gower’s Principles of Modern Company Law, 4th ed, Stevens & Sons, London, 1979, p 48.

54. Hon Wayne Martin CJ, Official Opening Address, 2009 Insolvency Practitioners Association Conference, 28 May 2009. This address can be found at