AYB230 Corporations Law – ASSESSMENT 2: Problem solving assignment
Based on all of the publicity around the “Storm” case, you have been asked to brief the Financial Planning Association as to the personal liability of the directors of their corporate members for breach of directors’ duties. Structure your letter as follows:
a) Provide a brief summary of the Storm case, the relevant law and legal principles involved (as apply under Part 2D.1 Corporations Act).
b) Explain how the findings against the Cassimatises might apply to other corporate boards in the industry.
c) Consider whether any defenses to liability may apply to other corporate boards in the industry.
d) Consider the media coverage, particularly criticism as to the penalties imposed on the Cassimatises and describe how, if a similar case were to occur in the future, the new penalties regime the commenced in March 2019 could affect the penalties imposed on directors.
e) Conclude your brief with one x powerpoint slide summarizing the new penalties regime.
You may need to invent a couple of details to make it easier to write your letter, as it should look like a business letter
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