Reforms to Australian corporate insolvency law are in the wind.
Various pressures periodically emerge that generate calls for reform of the law of directors duties. However, many in the company director fraternity would claim that the century-long creep in raising the liability of directors has extended too far. One argument is that the law erodes legitimate risk-taking, undermining the willingness of motivated and able individuals to take on these important roles.
Another argument has the law at odds with commercial reality where, in the majority of cases, the critical day-to-day running of companies is in the hands of professional managers. As the function of directors is larg…
Read the full article at: http://intheblack.com/articles/2016/05/01/reforms-to-australian-corporate-insolvency-law-are-in-the-wind