(Download) "Houldsworth: An Obsolete Piece in the Legislative Puzzle (Australia)" by University of Western Sydney Law Review ~ Book PDF Kindle ePub Free
eBook details
- Title: Houldsworth: An Obsolete Piece in the Legislative Puzzle (Australia)
- Author : University of Western Sydney Law Review
- Release Date : January 01, 2008
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 319 KB
Description
I. Introduction Modern Australian companies operate within a complex matrix of legislation, common law, business norms and policy considerations. The existing regulatory regime is difficult to navigate, given the interplay between the Corporations Act 2001 (Cth) ('Corporations Act') and other relevant legislation, such as the Trade Practices Act 1974 (Cth) ('Trade Practices Act') and the Australian Securities and Investments Commission Act 2001 (Cth) ('ASIC Act). In addition, corporate regulators need to consider common law rules that may clarify or complicate an already intricate legislative system. one of these rules was developed by the House of Lords in Houldsworth v City of Glasgow Bank and Liquidators ('Houldsworth'). (1) In 1880, the Court in Houldsworth held that a member of a company could not claim damages for fraudulent misrepresentation against a company in the process of liquidation. (2) The Court further held that there was no right to rescission of the share subscription contract on the basis of fraudulent misrepresentation once the company went into liquidation, as this event renders restitution impossible. (3)
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