Explain the difference between a members’voluntary winding up and a creditors’voluntary winding up.
In Australian Securities and InvestmentsCommissionv Healey FCA 717 Justice Middleton held:A director is an essential component of corporate governance … The role of a director is significant as their actions may have a profound effect on the community, and not just shareholders, employees and creditors.’
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(a)With reference to the quote above,and relevant precedents studied in this course, discuss to whom do directors owe their duties?
(b)Explain the difference between a members’voluntary winding up and a creditors’voluntary winding up. Your answer must include the manner in which such winding up actions may be initiated.
(c)“Certainly, by reference to casesdecided before the courts the statutory remedies [under the Corporations Act] are more commonly used than general law remedies [by minority shareholders]”
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