CORPORATE LAW
Assessment
Complete both parts, Part A and Part B
In both essays use cases, statutes and other resources covered in the course where appropriate to support the analysis.
Part A 1500 words
ESSAY
Complete both questions (a) and (b).
(a) Explain the role, functions and powers of the Australian Securities and Investments Commission.
(b) Why did ASIC commence legal proceedings seeking civil remedies from the courts in ASIC v Vizard (2005) 23 ACLC 1309?
Part B 500 words
ESSAY
The text describes the ‘corporate veil' as "...a theoretical screen which descends on the company when it is incorporated and, ordinarily, prevents outsiders from peeping in to see who is in charge or control of the company." (Text page 175)
"However the courts are prepared to disregard the corporate veil in special and limited circumstances." (Text page 177)
Explain why the courts in these two cases lifted the corporate veil:
Gilford Motor Co. Ltd v Horne [1933] 1 Ch 935 Court of Appeal (UK) and Jones v Lipman [1962] 1 All ER 442 Chancery Division (UK).