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An Australian Mirage
An Australian Mirage Author Hoyte, Catherine Published 2004 Thesis Type Thesis (PhD Doctorate) School School of Arts, Media and Culture DOI https://doi.org/10.25904/1912/1870 Copyright Statement The author owns the copyright in this thesis, unless stated otherwise. Downloaded from http://hdl.handle.net/10072/367545 Griffith Research Online https://research-repository.griffith.edu.au AN AUSTRALIAN MIRAGE by Catherine Ann Hoyte BA(Hons.) This thesis is submitted in fulfilment of the requirements of the degree of Doctor of Philosophy. Griffith University Faculty of Arts School of Arts, Media and Culture August 2003 Statement of Authorship This work has never been previously submitted for a degree or diploma in any university. To the best of my knowledge and belief, this dissertation contains no material previously published or written by another person except where due reference is made in the dissertation itself. Abstract This thesis contains a detailed academic analysis of the complete rise and fall of Christopher Skase and his Qintex group mirage. It uses David Harvey’s ‘Condition of Postmodernity’ to locate the collapse within the Australian political economic context of the period (1974-1989). It does so in order to answer questions about why and how the mirage developed, why and how it failed, and why Skase became the scapegoat for the Australian corporate excesses of the 1980s. I take a multi-disciplinary approach and consider corporate collapse, corporate regulation and the role of accounting, and corporate deviance. Acknowledgments I am very grateful to my principal supervisor, Dr Anthony B. van Fossen, for his inspiration, advice, direction, guidance, and unfailing encouragement throughout the course of this study; and for suggesting Qintex as a case study. -
Copyrighted Material
i i i “BMIndex_Final_print” — 2019/7/30 — 9:19 — page 391 — #1 i INDEX AASB see Australian Accounting AUASB see Auditing and Assurance business judgment rule 212–214, 222 Standards Board Standards Board using the defence 213–214 ABN see Australian Business Number Auditing and Assurance Standards Board business name registration 40, 44 absolute liability 135, 136 (AUASB) 276 business names 40 accountability 174 auditor’s report 286 display and use of 42 ACN see Australian Company Number Australian Accounting Standards Board registration 40–41 acquiescence 122, 124 (AASB) 275–276 restrictions 41–42 active promoters 100 Australian Business Number (ABN) business organisations actual authority 120, 136 61, 77 business names 40 express 120–121 Australian Company Number (ACN) business structure 3–7 implied 121–122 58, 60, 61 companies 27–30 adjourned meetings 154 Australian Prudential Regulation cooperatives 30–34 Aequitas Ltd v Sparad No 100 Ltd 100 Authority (APRA) 32 hybrid business structures 37–40 agency costs 173, 194 Australian Securities and Investments incorporated association 34–37 agency theory 115, 137, 173–174, 194 Commission (ASIC) 50, 73, 143, joint ventures 17–19 agenda of meetings 159, 168 175, 200, 201, 228, 274–275 partnerships 10–17 AGM see annual general meeting Australian Securities and Investments sole traders 7–10 agricultural cooperatives 33 Commission Act 2001 (ASIC Act) trusts 20–27 Airpeak Pty Ltd & Ors v Jetstream 50 business structure 3–7 Aircraft Ltd & Anor (1997) 318 Australian Securities and Investments Andy -
The Review Class Actions in Australia
SECTION ONE The Review Class Actions in Australia 2015/2016 Contents 03 Introduction SECTION ONE 04 Headlines SECTION TWO 13 Multiple class actions SECTION THREE 17 Parties and players SECTION FOUR 20 Red hot – litigation funding in Australia SECTION FIVE 24 Settlements — the closing act SECTION SIX 29 Recent developments in class action procedure SECTION SEVEN 33 Global developments SECTION EIGHT 36 Outlook – what’s next for class actions in Australia? HIGH NUMBER CONSUMER OF ACTIONS CLASS ACTION THREAT STATE THIS YEAR OF Rise in ORIGIN consumer class actions Largest FY16 settlement 35 actions DePuy hip launched 8 replacement potentially up to in FY16 in FY15 35 class actions were $1.75 launched in FY16, BILLION 29 following a historic high of WERE IN Highest value 11 $250 claims filed in FY16 MILLION NSW 40 class actions launched the previous year 2 King & Wood Mallesons Introduction Welcome to our fifth annual report on class action practice in Australia, in which we consider significant judgments, events and developments between 1 July 2015 and 30 June 2016. It was another big year for new filings, with at least 35 new class actions commenced, of which 29 were filed in New South Wales. This is a similar level of new actions to last year (up from previous periods). 16 class actions settled (2014/15: 12), and more than an estimated $600 million has been approved in settlement funds. Looking deeper into the numbers, consumer claims have seized the spotlight in a number of ways: the biggest single settlement was the $250 million settlement of a consumer claim relating to DePuy International hip replacement products; the highest value claims filed are consumer actions in relation to the alleged use of defeat devices in vehicles, with one media report estimating the total value of the claim at $1.75 billion; and the bank fees class action against ANZ was a consumer class action that failed. -
Delisted Companies 1999
THE 1999 ASX DELISTED COMPANIES BOOK 1929 TO 1999 70 YEARS OF DELISTINGS Published by: Australian Stock Exchange Limited ACN 008 624 691 Level 7, Riverside Centre, 123 Eagle Street, Brisbane QLD 4000 Telephone 61 7 3835 4000 Facsimile 61 7 3835 4141 © Copyright Australian Stock Exchange Limited - 1999 All rights reserved. No part of this publication may be photocopied, reproduced, stored in a retrieval system, or transmitted in any form or by any means whether electronic, mechanical or otherwise, without prior written permission of the publisher. Enquiries should be addressed to The National Manager - Market Data, Australian Stock Exchange Limited. Australian Stock Exchange Limited (“ASX”)believes that all information contained in this publication is accurate and reliable. The information has been sourced from company reports and announcements lodged with Australian Stock Exchange Limited by each corporation. The information does not contain recommendations, reports, analysis, or other advisor information relating to specific securities or issuers of securities and does not constitute an invitation to persons to enter or offer to enter into an investment agreement or to exercise any rights conferred by an investment, to acquire, dispose of, underwrite or convert an investment. ASX, its related companies, their officers and employees shall not be liable in any way for any loss or damage, howsoever arising (whether in negligence or otherwise) out of or in connection with the contents of and/or any omissions from this publication except where a liability is made non-excludable by legislation. NAME CHANGE CROSS REFERENCE FOR DELISTED COMPANIES New Name Old Name Date A.F.M. -
Chapter Nine: the Main Event – Round Three – 1981-1990
Chapter Nine: The Main Event – Round Three – 1981-1990: Introduction: This chapter concludes the examination of the inextricable melding of Television Audience Survey Ratings, Financial Returns and Local ‘Live’ Production. While there was still intense rivalry between TVW7 and STW9, other forces were coming into operation in the succeeding period from 1981-1990. In this decade both TVW7 and STW9 were subsumed by much larger corporate entities. At the level of programming this led to a notable decline in local ‘live’ production, as a result of national networking and a corresponding diminution of community responsibility. During this period there were to be big changes in the structure of what can be termed the era of the two ‘family television’ companies in Western Australia. The chapter examines the events that led to TVW7 becoming part of the Robert Holmes a’ Court Bell Group, the retirement of Sir James Cruthers (considered by many to be ‘the Father’ of Perth television) and the sale of STW9 to the Bond Corporation. Another development, the introduction of the Aussat Satellite System was to have a huge impact on program transmission and in conjunction with Networking, perhaps deliver the mortal blow to the local ‘live’ television industry. The chapter concludes with the first two years of a three-station System in Western Australia’s capital city, when NEW10 went on air in 1988. Examination of the correlation between audience ratings surveys and Company profitability continues and so are their combined deleterious effects upon the former showcases of the two original stations, their respective Production Departments and the wealth of output from their in-house studios. -
76 Buena Vista
ASIC and its enforcement record since the introduction of the civil penalty regime in 1993 Vicky Comino* Introduction Regulators, under unprecedented pressure, face a range of demands, often contradictory in nature: be less intrusive - but more effective; be kindlier and gentler - but don’t let the bastards get away with anything; focus your efforts - but be consistent; process things quicker - and be more careful next time; deal with important issues - but don’t stray outside your statutory authority; be more responsive to the regulated community - but don’t get captured by industry.1 It has been 14 years since major reforms were made to the regime of sanctions relevant to the duties of corporate officers in Australia when the civil penalty regime, currently contained in Pt 9.4B of the Corporations Act 2001 (Cth) (the Corporations Act), was introduced.2 By adopting this approach, it was hoped that the Australian Securities and Investments Commission (ASIC) could more effectively regulate corporate misconduct and that civil penalties would constitute a significant enforcement tool. My paper will discuss the introduction of the civil penalty regime and its effectiveness to date. At first, Pt 9.4B failed to operate as an effective enforcement measure with very few civil penalty applications being made by ASIC.3 In the six years from 1993 * BA, LLB (Hons), LLM (Queensland), TC Beirne School of Law, The University of Queensland. 1 Sparrow M, The Regulatory Craft (Brookings Institution Press, Washington DC, 2000) p 17. 2 The civil penalty regime in the Corporations Act, Pt 9.4B, was introduced by the Corporate Law Reform Act 1992 (Cth) and became effective from 1 February 1993. -
Case Management Handbook
Law Council of Australia / Federal Court of Australia CASE MANAGEMENT HANDBOOK FEDERAL COURT OF AUSTRALIA CASE MANAGEMENT HANDBOOK 2 First published 2011. 2014 July – August: class actions, alternative dispute resolution and interlocutory applications chapters included; citations and hyperlinks checked and updated. This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Australia License. CASE MANAGEMENT HANDBOOK 3 CHIEF JUSTICE’S CHAMBERS FEDERAL COURT OF AUSTRALIA FOREWORD As noted in the original Foreword by the Honourable Justice P A Keane who was then Chief Justice of the Federal Court of Australia, when this Handbook was first launched in 2011 it was a very important development in the ongoing dialogue between the Court and the legal practitioners who practise before it about how best to manage cases before the Court. Since then the Handbook has been expanded, and planning is well advanced to extend its coverage even further. It is a remarkable achievement of the Federal Litigation and Dispute Resolution Section of the Law Council of Australia and those members of that Section who have been involved in its development. The Handbook is a practical guide about case management in litigation in the Federal Court. It provides information, guidance and ideas and discusses various tools and techniques that are available to the Court, both generally and in particular jurisdictional areas. It has been developed by experienced practitioners and has drawn on the experience of judges of the Court. It is not surprising that the Handbook has been enthusiastically embraced by the profession. Not only is it now widely used, but it is often referred to in the course of proceedings in the Court as the source of procedural and other propositions being advanced. -
Copyright and Use of This Thesis This Thesis Must Be Used in Accordance with the Provisions of the Copyright Act 1968
COPYRIGHT AND USE OF THIS THESIS This thesis must be used in accordance with the provisions of the Copyright Act 1968. Reproduction of material protected by copyright may be an infringement of copyright and copyright owners may be entitled to take legal action against persons who infringe their copyright. Section 51 (2) of the Copyright Act permits an authorized officer of a university library or archives to provide a copy (by communication or otherwise) of an unpublished thesis kept in the library or archives, to a person who satisfies the authorized officer that he or she requires the reproduction for the purposes of research or study. The Copyright Act grants the creator of a work a number of moral rights, specifically the right of attribution, the right against false attribution and the right of integrity. You may infringe the author’s moral rights if you: - fail to acknowledge the author of this thesis if you quote sections from the work - attribute this thesis to another author - subject this thesis to derogatory treatment which may prejudice the author’s reputation For further information contact the University’s Director of Copyright Services sydney.edu.au/copyright Faith/less? Market integrity and the enforcement of Australia’s continuous disclosure provisions Cary Di Lernia A dissertation submitted in fulfilment of the requirements for the degree of Doctor of Philosophy at The University of Sydney 2013 The integrity of the financial market and investor confidence in that market are critical elements in our economic well- being. The credibility of the market is underpinned by our system of corporate law and regulation. -
The Australian Financial System in the 2000S: Dodging the Bullet
The Australian Financial System in the 2000s: Dodging the Bullet Kevin Davis* Abstract The global financial crisis (GFC) occupied only a quarter of the decade of the 2000s but, because of its severity and implications for future financial sector development, dominates the decade. The Australian financial system coped relatively well with the GFC, raising the question of whether there was something special about its structure and prior evolution which explains that experience. This paper reviews Australian financial sector performance and development over the decade, then provides a more detailed overview of the Australian GFC experience and its implications, and considers explanations for the Australian financial sector resilience. 1. Introduction The Australian (and global) financial system entered the first decade of the millennium preparing for a systems crisis, in the form of the Y2K computer scare, which on 1 January 2000 passed without event. But towards the end of the decade, the financial sector was faced with, arguably, its most serious systemic crisis ever, which the Australian financial system and economy weathered relatively well compared with advanced nations in the northern hemisphere.1 While the GFC occupied only one-quarter of the past decade (from mid 2007), it prompts the questions which this review must seek to answer. Was there something about the structure and evolution of the Australian financial system which explained its resilience in the face of the crisis; and was that resilience due to lower risk-taking by the banking sector in the lead up to the crisis? Did the distribution of risk within the financial system facilitate adjustment to the shocks encountered? What role can be attributed to government and regulatory responses following the onset of the crisis? In order to place the developments of the 2000s in context, this paper is structured as follows. -
Federal Court of Australia
FEDERAL COURT OF AUSTRALIA Earglow Pty Ltd v Newcrest Mining Ltd [2015] FCA 328 Citation: Earglow Pty Ltd v Newcrest Mining Ltd [2015] FCA 328 Parties: EARGLOW PTY LIMITED (ACN 055 664 769) v NEWCREST MINING LTD (ACN 005 683 625) AND OTHERS (NAMED IN THE ATTACHED SCHEDULE OF PARTIES) File number: VID 406 of 2014 Judge: BEACH J Date of judgment: 10 April 2015 Catchwords: PRACTICE AND PROCEDURE – representative proceedings – securities class action – s 674 of the Corporations Act 2001(Cth) – scope and application of s 33ZF of the Federal Court of Australia Act 1976 (Cth) – application concerning first stage trial – role of institutional investors – identification and accelerated adjudication of sample institutional investor claims – application dismissed EVIDENCE – relevance – materiality – event studies – efficient capital market hypothesis – indirect causation theory – relevance of direct evidence of institutional investors Legislation: Corporations Act 2001 (Cth) ss 111AC, 111AL, 674, 676, 677, 1041H Evidence Act 1995 (Cth) ss 55, 79 Federal Court of Australia Act 1976 (Cth) ss 22, 33C, 33N, 33Q, 33R, 33ZF, 37M Cases cited: Australian Securities and Investments Commission v Fortescue Metals Group Ltd (No 5) (2009) 264 ALR 201 Australian Securities and Investments Commission v Fortescue Metals Group Ltd (2011) 190 FCR 364 Australian Securities and Investments Commission v Hellicar (2012) 247 CLR 345 Australian Securities and Investments Commission v Newcrest Mining Limited (2014) 101 ACSR 46 Blatch v Archer (1774) 1 Cowp 63 Cammer v Bloom -
Corporate Structures, the Veil and the Role of the Courts
CRITIQUE AND COMMENT CORPORATE STRUCTURES, THE VEIL AND THE ROLE OF THE COURTS T HE HON CHIEF JUSTICE M ARILYN WARREN AC* The topic of the corporate veil is one that has been long-discussed, but which remains the subject of considerable debate and uncertainty. This lecture will look at a few areas related to veil-piercing or lifting, used in a broad sense, which usefully highlight the tensions the courts have to grapple with when faced with corporate structures and the question of whether to look behind those structures to commercial realities. The topics canvassed are directors’ liability for corporate fault, limited liability and corporate groups, and direct liability of parent entities in tort. C ONTENTS I Preface: Professor Ford ............................................................................................ 658 II Introduction .............................................................................................................. 659 III Directors’ Liability.................................................................................................... 661 IV Limited Liability and Corporate Groups .............................................................. 668 V Direct Liability of Parent Entities .......................................................................... 673 A Chandler v Cape ........................................................................................... 674 B The Australian Cases ................................................................................... 677 C Canada -
Lessons from 50 Years of Investing in Australian Shares
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