LLW2004 - Corporations Law - Gemsales Pty Ltd - Andrew Brian and Colin - Law Assignment Help

Assignment Task:

LLW2004: Corporations Law  Assignment Help

Andrew, Brian, and Colin, are the directors of Gemsales Pty Ltd, a company engaged in the business of importing and supplying jewellery as wholesalers to the local market. The company decided that as the market was becoming more competitive it needed to expand its business as it felt with increased volumes of sales it would be able to lower its prices and be more competitive. In order to do so it obtained a $4 million dollar loan from the Friendly Bank Ltd. Colin was not at the meeting that had made this decision as he was in hospital recovering from a serious accident. Andrew and Brian both voted to go ahead with the getting of the loan. Six months later, Brian resigned as a director. At the same time it was clear the company had over-extended itself and was insolvent and could not pay the repayments on its loan from Friendly Bank Ltd.

Required:
1. Advise Andrew, Brian and Colin of any legal problems under the Corporations Act 2001 (Cth) that they may face from recent actions.

2. Is any defence for Andrew?

Note: You must cite the relevant authority.
Marks allocation:
1. 30 marks in total. 10 marks for the discussion of each person (namely Andrew, Brian and Colin).

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