LAWS19032 Commercial And Corporation Law

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Question:

Read Australian Securities and Investment Commission, (ASIC), v Cassimatis.

Answer:

These are the questions you should ask:

Discuss the legal issues in this case.

Please explain the laws that apply to your case.

Discuss the arguments made by the parties in this instance.

In this case, please state the decision.

Koala Pty Ltd is a company that operates a business selling soft toys for koalas to the global market.

Khaled, Kanye Keith, Kylie, and Keith are all siblings. They each own 25 ordinary shares.

They thought it would make a great idea to have all their siblings involved in a company where they could work together and decide their fate.

According to Clause 9K, the constitution of Koala, Khaled, Kanye (and Keith) shall always be directors of Koala.

Kanye was unhappy with the management of the company in late 2013.

At a meeting of directors, he proposed to be named managing director. However, the proposal was rejected by the other directors.

His siblings are refusing to speak with him and want him to stay away from the company.

A May 2017 extraordinary general meeting saw the adoption of a special resolution to remove Clause 9K.

After the May 2017 meeting, a second resolution was adopted that removed Kanye as director.

You can sell related products like souvenirs on the global market and make lots of money.

Kylie and Keith created a new company, Koala2 Pty Ltd (“Koala2”), in which they are both the shareholders and directors.

Koala2 sources its products locally and then sells them on to foreign markets at a large profit.

Answer the questions about whether Kanye would be successful against the other directors/members in connection to the share-issuing and/or removal as a director.

Resolve the question of whether Khaled/Kanye would be successful in an enforcement action against the other directors/members regarding the creation of a new company.

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