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Treasury releases proposed directors' liability reforms for public consultation

Gilbert + Tobin
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Australia
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March 22 2012

On 27 January 2012, the Treasury released an exposure draft of the Personal Liability for Corporate Fault Reform Bill 2012

Bill introduced aiming to crack down on "phoenix" company activity

Gilbert + Tobin
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Australia
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March 22 2012

The Corporations Amendment (Phoenixing and Other Measures) Bill 2012 (Cth) was introduced into Federal parliament on 15 February 2012

Bill introduced to improve the standard of audits in Australia

Gilbert + Tobin
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Australia
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March 22 2012

The Corporations Legislation Amendment (Audit Enhancement) Bill 2012 (Cth) was introduced into Federal parliament on 29 February 2012

Further reforms to executive remuneration laws announced

Gilbert + Tobin
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Australia
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March 22 2012

Following recommendations made by the Corporations and Markets Advisory Committee, the Government has announced that it will amend the Corporations Act 2001 (Cth) in order to improve disclosure in executive remuneration reports

Full Court of the Federal Court of Australia considers fiduciary and statutory duties owed by directors to a company in Omnilab Media Pty Limited v Digital Cinema Network Pty Ltd

Gilbert + Tobin
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Australia
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March 22 2012

This case concerned a joint venture company, Digital Cinema Network Pty Ltd (DCN), which negotiated with film studios and cinema owners in preparing Virtual Print Fee (VPF) agreements with regards to US film studies providing financial assistance to cinema owners converting movie projections from analogue to digital

Victorian Supreme Court considers whether the cancellation of minority shares was "fair and reasonable" in Elkington v CostaExchange Ltd

Gilbert + Tobin
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Australia
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December 14 2011

The plaintiff was a minority shareholder of the defendant company

Queensland Court of Appeal construes the effect of oral and written terms on a standard loan contract in Zamia Investments Pty Ltd v Mesana Pty Ltd

Gilbert + Tobin
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Australia
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December 14 2011

Zamia Investments Pty Ltd (Zamia) and Mesana Pty Ltd (Mesana) were shareholders of Mini Tankers International Pty Ltd (MTI), a holding company with shares in Mini Tankers USA Inc (MT USA) and Mini Tankers Canada Ltd (MTC

High Court of Australia considers whether a court can declare an expert determination to be non-binding in Shoalhaven City Council v Firedam Civil Engineering

Gilbert + Tobin
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Australia
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December 14 2011

In this case, the parties engaged an expert to resolve a dispute according to a term of their civil works contract

Supreme Court of NSW considers scope of shareholder power in In the matter of Winlyn Developments Pty Ltd

Gilbert + Tobin
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Australia
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December 14 2011

In this case, 2 shareholders of Winlyn Developments Pty Ltd (Winlyn), Ms Yu Wen Cao and Mr Jinbiao Zheng, convened a general meeting of the company

Supreme Court of NSW considers the exercise of a shareholder's special constitutional powers outside of a general meeting in Gerard Cassegrain & Co Pty Limited v Cassegrain

Gilbert + Tobin
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Australia
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December 14 2011

The defendant was a director of the plaintiff company, Gerard Cassegrain & Co (GC & Co). GC & Co sought an order that the defendant pay compensation for alleged breaches of his fiduciary duty as a director