Newspaper article Sunshine Coast Daily (Maroochydore, Australia)

Directors on Notice

Newspaper article Sunshine Coast Daily (Maroochydore, Australia)

Directors on Notice

Article excerpt

IF you run your business through a corporate vehicle or even if you just happen to be a director or office bearer of a proprietary limited company, then you have good reason to be concerned by the recent New South Wales Supreme Court decision in ASIC v MacDonald.

The case involved a restructure within the James Hardy Group of Companies which saw one of their corporate entities become a subsidiary of James Hardy Industries NV, a Netherlands-based company. In doing so, it effectively meant that the James Hardy Group "quarantined" the entity that was responsible for compensating thousands of asbestos sufferers, from the rest of the James Hardy entities.

The case brought by ASIC arose out of an announcement made by James Hardy's managing director Peter MacDonald to the ASX (with approval of the board) that in taking these steps, James Hardy was establishing a "fully funded" foundation to cover all legitimate claims by asbestos sufferers and that this was based on advice from a number of expert sources. …

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