Assignment Task
Task
In Re Balmz Pty Ltd (in liq) [2020] VSC 652, the judge made the following observation after
finding that the spousal directors of a family company (running a family business) had acted
in breach of insolvent trading law under the Corporations Act 2001 (Cth):
I am saddened that [the company’s directors] Mr and Mrs Patch find themselves in
the position they are now in [in breach of insolvent trading law]. It is clear that Mrs
Patch was motivated to found the business of the company and to continue it to
provide employment for her disabled son who now resides with [them] … in modest
accommodation when compared to their former residence. Both [company directors]
are now pensioners. I also note that [the directors] lost three properties and their
superannuation funds to prop up the company’s operations.
In light of the judicial comments above, do you think that the Federal Government
should abolish Australia’s insolvent trading law in the Corporations Act 2001 (Cth)? If
so, discuss why? If not, discuss why not.
End of Question
Important: Your answer must be supported by both policy considerations and the law (relevant
statutory provisions and relevant case law).
Hint: You can use any Australian company law textbook (latest edition) to start your research for
legal commentary. You may find that the content in the relevant chapter of your prescribed textbook,
together with the select bibliography at the end of that relevant chapter, particularly useful as a launch
pad to start your research. Articles cited there can be accessed electronically from UNSW library
website
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