Mullane & Lindsay Taking The Lead By Appointing Its First Female Director
While recent statistics from the Law Society of NSW reveal that only 18% of those managing law practices in NSW are women, Mullane & Lindsay Solicitors continues to uphold its mantra of taking the lead, by recently appointing its first female director Kristy Nunn.
Mullane & Lindsay is a long established law firm based in the Civic precinct, close to the new State Courthouse which is currently under construction. The firm was established in the late 1970’s by novocastrians The Honourable Graham Mullane and Robert Lindsay and has since grown to be one of the best regarded firms in the region. Read the rest of this entry »
Directors’ Duties – Insolvent Trading: Part 4
Mark Sullivan is a Director at Mullane & Lindsay in Newcastle and specialises in Family, Relationship and Matrimonial Law
Directors also have a duty to prevent insolvent trading.
A director’s liability for insolvent trading will arise if the company is unable to pay its debts as and when they become due and payable, or it becomes insolvent as a result of incurring a debt, and at that time there were reasonable grounds for the director to suspect that the company was insolvent or would be made insolvent by reason of incurring that debt. Read the rest of this entry »
Courts Raise Standards for Financial Diligence and Good Process by Directors: Part 3
Mark Sullivan is a Director at Mullane & Lindsay in Newcastle and specialises in Family, Relationship and Matrimonial Law
Practical implications for directors seeking to adhere to proper standards of care and diligence can be gleaned from litigation scrutinising the actions of directors in recent high profile cases. One such case is the James Hardie case. Some practical tips for directors confirmed from this litigation to date include:
(a) Directors should receive copies of documents to be discussed at meetings in advance;
(b) Directors should make a formal vote on each resolution;
(c) The minutes of meetings, where appropriate, should record the process and rationale in order to show, for instance, that a business judgment has been exercised; Read the rest of this entry »
Directors’ Obligations and Duties: Part 2
Mark Sullivan is a Director at Mullane & Lindsay in Newcastle and specialises in Family, Relationship and Matrimonial Law
Directors of companies must comply with obligations and duties that are set out in the Corporations Act. In recent years there has been significant litigation scrutinising the actions of directors. The statutory obligations of directors have been considered and commented upon by Courts.
In the 2009 NSW case of ASIC v Rich, His Honour Justice Austin provided a useful analysis of a director’s duty of care and diligence. He suggested that such a duty incorporates a minimum standard of diligence that requires every director or officer of a company, including a non-executive director, to: Read the rest of this entry »
Directors to Act with Due Care and Diligence: Part 1
Mark Sullivan is a Director at Mullane & Lindsay in Newcastle and specialises in Family, Relationship and Matrimonial Law
Section 180 of the Corporations Act requires directors to act with due care and diligence. If a breach is alleged and litigation is commenced a Court will need to decide what an ordinary person in the circumstances of and with the responsibility of a director might be expected to have done in the circumstances if that person was acting as a director.