By Michael Adams
First released in 1997. Routledge is an imprint of Taylor & Francis, an informa corporation.
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Additional resources for Essential Australian Management Law (Australian Essentials Series)
This was held by the High Court in Re Hospital Products (1984). HP was the distributor of USA made surgical appliances for Australia during 1978–79. HP stopped its distribution and copied the products, selling them in Australia as their own. The American designers gained an injunction in 1980 to stop HP and claimed an account of profits for the period. The court held that there was no fiduciary relationship and only damages for breach of contract were appropriate. Companies (corporations) Businesses for a variety of reasons will incorporate into a separate legal entity called a company.
32 The company itself; the Australian Securities and Investments Commission; the shareholders; the creditors. ALTERNATIVE BUSINESS STRUCTURES What outcomes would they expect? The ASIC would be interested in protecting the public by enforcing the criminal and civil penalty provisions of the Corporations Law. The ASIC may also be able to assist shareholders in recovering damages from officers to compensate them for their financial losses. Whereas the shareholders or the company may wish to obtain an injunction to prevent a director from breaching their duties or may wish to claim damages for their negligence.
It normally relates only to managers under a contract of employment and they are subject to a common law duty of fidelity. This was illustrated in the case of Timber Engineering v Anderson (1980), where an employee set up a business in direct competition with his employer. A was required to account for profits that his business made at the expense of his employer’s business. Employees are not specifically included in the s 9 definition of an officer, but can be those who make significant decisions (executives) or those who are included in some of the specific officer’s duties under the Corporations Law.