Posted: April 20th, 2022

Items permitted by examiner Open book

Faculty of LawFaculty of Enterprise and LawLAW9302Legislation of
Faculty of Legislation
School of Enterprise and Legislation
Legislation of Enterprise Organisations
Wollongong and Sydney CBD campuses
Examination Paper
Trimester three, 2020 – Distant Supply
Examination length three hours
Items permitted by examiner Open book
Aids equipped Nil
Instructions to college students 1. A complete of THREE (three) questions are to be answered.
2. Half A: College students should reply ONE query (both A1 OR A2). Half A is value 15 marks in complete. It’s advised that you simply spend roughly 50 minutes on this query.
three. Half B: College students MUST reply BOTH questions. Every query in Half B is value 20 marks. Half B is value 40 marks in complete. It’s advised that you simply spend roughly 65 minutes on every query in Half B.
four. Reply ALL questions within the one file. Ensure you clearly determine every query in your reply file.
5. Please title the file with the topic quantity eg “LAW9302 Last Examination 2020”
A centralised cellphone quantity has been established for college students to name when you’ve got any points through the examination. Employees from the Exams group will reply to the calls and escalate them to the Topic Coordinator as applicable. When you’ve got any points that influence your capacity to finish the examination, please name the Examination Help Hotline on 02 4221 3000. In case you are unable to get by way of to that quantity for any motive, ship an e mail to the Topic Coordinator for the examination you’re sitting as quickly as attainable.
This examination paper MUST NOT be shared or distributed in any approach
PART A (15 Marks complete)
College students are required to reply ONE of the next two questions in PART A. Every query is value 15 marks.
Query A1
An auditor’s function is to verify firm accounts in order that any irregularities are uncovered. Each outsiders and the corporate’s shareholders depend on the data contained in an audit and the truth that the auditor stays impartial is a vital issue on this reliance. Clarify what auditors’ liabilities are in contract, in tort and beneath the Companies Act 2001 (Cth). Give causes to your views, together with reference to circumstances and/or laws as related to your argument.
Query A2
‘Corporations are synthetic. They want inside guidelines that help in each procedural and substantive features. Members of an organization can implement their rights beneath the corporate’s structure and replaceable guidelines. Members are entitled to depend on the corporate functioning in accordance with its inside guidelines.’
Clarify in case you agree with the above assertion and why. Give causes to your views, together with reference to circumstances and/or laws as related to your argument.
Half B begins on subsequent web page…
PART B (40 Marks complete)
Half B is value 40 marks and BOTH questions beneath MUST be answered.
Query B1 (20 Marks)
A listed public firm, Peters Co Ltd, owned land which was valued at historic price in its steadiness sheet at $2 million. The administrators have been suggested that the land was value in extra of $60 million. Daren, a considerable shareholder within the firm, suggested the Board that he meant to make a takeover bid for the corporate, providing $10 per share. The Board believed that in mild of the worth of the land, shareholders needs to be suggested to not promote at that worth. Nevertheless, they feared that as a result of shares have been buying and selling at 85 cents, shareholders would settle for the bid. The corporate’s monetary adviser advised that the corporate ought to organize for another bid at a better worth and that it ought to develop the land. The Board agreed and a scheme was proposed whereby the land could be offered to a completely owned subsidiary of the corporate, which might enter right into a three way partnership with one other firm, Chase Finance.
The managing director of Peters Co Ltd was concerned within the negotiations with Chase and determined to make his personal takeover bid, providing $12 per share. Chase agreed to finance his bid on beneficial phrases if the three way partnership proceeded. He didn’t disclose particulars of the association with Chase to the Board, although administrators suspected there was a secret association with Chase. At a board assembly, which the managing director didn’t attend, the administrators accredited the three way partnership scheme with Chase.
Your Activity:
Advise Daren what motion, if any, he can take to reverse the Board’s resolution as to its approval of the three way partnership scheme with Chase. Embody in your response an evaluation of how the managing director’s conduct is related for figuring out whether or not Daren would have a treatment, the place Daren is a member of the corporate.
Give causes to your reply referring to the Companies Act 2001 (Cth) and/or circumstances as related to assist your arguments.
Query B2 (20 Marks)
Vandalay Chocolate Sprouts Pty Ltd, operated its enterprise from a manufacturing facility it rented from Industrial Park Ltd. For the reason that important financial down flip on account of the worldwide pandemic, Vandalay Chocolate Sprouts Pty Ltd had been experiencing excessive monetary difficulties and its monetary data have been a hopeless mess. It was frequently late in paying money owed owed to its suppliers and paying workers’ wages. With Christmas arising, its administrators have been unsure whether or not the corporate would be capable of pay its workers their vacation entitlements.
The corporate’s principal collectors have been:
• Its financial institution, which is owed $1 million. This mortgage was unsecured however was assured by the administrators of Vandalay Chocolate Sprouts Pty Ltd;
• Industrial Park Ltd, which was owed $75,000 arrears of lease; and • Its workers, who have been owed $350,000 unpaid wages.
About three months in the past the corporate was paid $100,000 from one in all its prospects. This was deposited into the corporate’s checking account, lowering the quantity as a result of financial institution. Your Activity:
Advise every of the collectors referred to above how they’d be affected if Vandalay Chocolate Sprouts Pty Ltd have been positioned in voluntary administration. Give causes to your reply referring to the Companies Act 2001 (Cth) and/or circumstances as related to assist your arguments.


College of Legislation Enterprise and regulation schools LAW9302Legislation of Legislation Faculty

Enterprise and regulation schools


Enterprise Organizations Legislation

Campuses in Wollongong and Sydney CBD

Paper Examined

2020 Trimester three – Distant Supply

Examination time: three hours


a 55 %

Examiner-approved objects The book is open.

Nil support was offered.

College students’ Directions 1. There are a complete of THREE (three) inquiries to be answered.

2. Half A: College students should reply to ONE query (both A1 OR A2). Half A is value a complete of 15 factors. It’s endorsed that you simply dedicate roughly 50 minutes to this query.

three. Half B: College students are required to reply BOTH questions. Half B questions are value 20 factors every. Half B is value a complete of 40 factors. It’s endorsed that you simply spend

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