Monday 29 August 2016

Australia: the director's duty of care and diligence - a private and public duty?

Towards the end of last month, judgment was given by Edelman J. in Australian Securities and Investments Commission v Cassimatis (No 8) [2016] FCA 1023. The decision is interesting and noteworthy for several reasons, including the discussion of the operation of the director's duty to act with care and diligence in section 180(1) of the Corporations Act 2001 and, in particular, whether a breach of this duty gives rise to both a private and public wrong.

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