LEGL 201: Company Law - The Centro decision - Law Assignment Help

Assignment Task:

INTRODUCTION 

1  The Australian Securities and Investments Commission (‘ASIC’) has made an application under ss 1317E, 1317G and 206C of the Corporations Act 2001 (Cth) (‘the Act’) for declarations of contravention against the defendants in relation to ss 180(1), 601FD(3) and 344(1) of the Act and for orders that each of the defendants pay pecuniary penalties and be disqualified from managing corporations.  

2  The conduct relied on by ASIC in support of the relief sought is contained in an amended statement of claim filed in the proceeding dated 26 November 2010 (‘the amended statement of claim’).  The allegations in the amended statement of claim concern the approval of the consolidated financial statements of Centro Properties Limited (‘CPL’), Centro Property Trust (‘CPT’) and Centro Retail Trust (‘CRT’) for the financial year ending on 30 June 2007 at a board meeting attended by the defendant directors on 6 September 2007. 

3  Other than Mr Nenna (the eighth defendant and Chief Financial Officer (‘CFO’)), the defendants were directors of each Centro company described below.  Mr Healey (the first defendant) was the non-executive Chairman.  Mr Scott (the second defendant) was the Chief Executive Officer (‘CEO’), and the other directors were non-executive directors. 

4  Each of the directors contested the application.  Mr Nenna made certain admissions in his Second Further Amended Defence dated 4 April 2011, although did not admit that the general information required by s 299A of the Act was required to be included in the directors’ report.  Otherwise, Mr Nenna has admitted contraventions of s 180(1) and s 601FD(3) of the Act.  Subject to a hearing as to whether Mr Nenna should be relieved from liability and as to penalty (if any), Senior Counsel for Mr Nenna sought and was excused from attending the further hearing of the proceeding on liability.  Nevertheless, Mr Nenna was to be bound by the evidence put before me in the proceeding, and any findings and determination made that he contravened the Act. 

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