PROBLEM SOLVING CORPORATIONS LAW

PROBLEM SOLVING CORPORATIONS LAW
Instructions:
Please note the following when answering a legal problem question:

a) You should not restate or summarise the facts at the beginning of your answer. Go straight to identification of the main issues raised by the facts.

b) You need to give legal authority for each legal principle stated in your answer. Wherever possible, you should rely on primary instead of secondary source of law, i.e., cases and legislation not textbooks or lecture notes.

c) Using appropriate headings and sub-headings could make your answer easy to follow.

d) Your assignment must have footnotes and a bibliography which contains a list of the cases, books and/or journal articles you used to prepare the answer.

The Assessment Criteria are as follows:

 

Criteria Examined factors
Communication
Correct syntax, grammar and spelling.

Clarity of thought and expression
Demonstrated knowledge of the law
Answer reflects a good knowledge of the relevant legislation and relevant case law – an understanding of their scope and operation
Analytical skills
(legal problem solving technique)
Ability to determine the legally relevant or “material” facts and the applicable legal rules:
e.g. what are the elements of an action and what are the remedies available to the plaintiff?
Ability to identify the particular legal issues raised by the relevant facts, i.e. the questions in dispute;
Distinguishing where appropriate between different facts and different rules of law,
Applying the law to the relevant facts (do the facts fit the legal rules?).
Reaching a conclusion and expressing it (“In my view….” “I consider, on the basis of the facts provided, that….”). If the case law is not settled your task is to say so and to decide which case authority should be considered of greater weight and to state why?

 
The Assignment Problem

Publico Ltd (Publico) is an investment company. Paul is the managing director and Tait an executive director. The primary activity of Publico is investment in real estate on the outskirts of Sydney. In 2014, Paul and Tait, on behalf of Publico, approached Green Ltd, a large national company interested in land development, with a view to the two companies entering into a joint venture to acquire and develop land in the vicinity of Sydney.

After preliminary negotiations, Green Ltd indicated that it was unwilling to deal with Publico and that it would deal only with Paul and Tait personally. Paul and Tait incorporated a company, Whisper Ltd, which acquired land in the vicinity of Sydney for development purposes and entered into a joint venture with Green Ltd.

In 2014, Tait decided that he was too busy with Whisper Ltd and that he would become less involved in the affairs of Publico, leaving the management of the company to Paul. Last week, Tait received a phone call from an angry creditor, demanding Publico to pay money owed to him. After a little investigation, Tait discovered that Publico has become insolvent.

Advise Paul and Tait as to whether they have breached any directors’ duties they owe to Publico and any potential liabilities they may face (You do not need to consider shareholders’ remedies in your answer).
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