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  • Enterprise liability for corporate groups: A more efficient outcome for creditors

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    73973_1.pdf (187.8Kb)
    Author(s)
    Dickfos, Jennifer
    Griffith University Author(s)
    Dickfos, Jennifer
    Year published
    2011
    Metadata
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    Abstract
    In May, 2000, the Companies and Securities Advisory Committee published its Corporate Groups Final Report. One of the report's objectives was to determine whether further safeguards were needed for those dealing with corporate groups, namely, minority shareholders and outsiders, including creditors. Of the Final Report's 24 Recommendations, to date, only two recommendations, permitting the pooling of assets and liabilities in a liquidation of group companies have led to changes in Australian corporate law. Of the remaining 22 recommendations, 11 involved no change to the current law, while the remaining 11 recommendations ...
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    In May, 2000, the Companies and Securities Advisory Committee published its Corporate Groups Final Report. One of the report's objectives was to determine whether further safeguards were needed for those dealing with corporate groups, namely, minority shareholders and outsiders, including creditors. Of the Final Report's 24 Recommendations, to date, only two recommendations, permitting the pooling of assets and liabilities in a liquidation of group companies have led to changes in Australian corporate law. Of the remaining 22 recommendations, 11 involved no change to the current law, while the remaining 11 recommendations have not been implemented. Unsecured creditors transacting with corporate group members may make inefficient investments due to: corporate group members misrepresenting the availability and value of group assets, when such assets are insulated from creditors' claims; the increased opportunity for debtor opportunism to arise within corporate groups. This article considers, whether the adoption of enterprise liability, within controlled and integrated corporate groups, would efficiently enable creditors to identify and to price the risk of transacting with such a corporate group member, thereby providing creditors with a more efficient outcome.
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    Journal Title
    Australian Journal of Corporate Law
    Volume
    25
    Issue
    3
    Publisher URI
    http://www.lexisnexis.com.au/en-au/products/australian-journal-of-corporate-law.page
    Copyright Statement
    © 2011 Lexis Nexis. The attached file is reproduced here in accordance with the copyright policy of the publisher. Please refer to the journal website for access to the definitive, published version.
    Subject
    Corporations and Associations Law
    Accounting, Auditing and Accountability
    Business and Management
    Law
    Publication URI
    http://hdl.handle.net/10072/41586
    Collection
    • Journal articles

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