Shareholders as creditors: a response to the CAMAC discussion paper on law reform

Hargovan, AC; Harris, J

Shareholders as creditors: a response to the CAMAC discussion paper on law reform

Hargovan, AC Harris, J

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Publisher:: LexisNexis Butterworths
Publication Type:: Journal Article
Citation:: Australian Journal of Corporate Law, 2008, 22 (2), pp. 135 - 160
Issue Date:: 2008-01

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Field	Value	Language
dc.contributor.author	Hargovan, AC	en_US
dc.contributor.author	Harris, J https://orcid.org/0000-0001-7099-4694	en_US
dc.date.issued	2008-01	en_US
dc.identifier.citation	Australian Journal of Corporate Law, 2008, 22 (2), pp. 135 - 160	en_US
dc.identifier.issn	1037-4124	en_US
dc.identifier.uri	http://hdl.handle.net/10453/10454
dc.description.abstract	he CAMAC discussion paper regarding shareholder claims against insolvent companies has considered the issue of how best to address the implications of the High Courts decision in Sons of Gwalia. That decision recognised that shareholders may stand as creditors in a corporate insolvency by making a claim for damages based on statutory rights to compensation for defective disclosure.The decision has been highly controversial and has generated calls for law reform. The CAMAC discussion paper considers several options for reform, with various public submissions providing alternative options to address the tension between investor protection laws and corporate insolvency priorities. This article examines the range of suggested reforms and advocates a position of limited subordination, as well as other law reform measures, to address the practical, legal and policy issues raised by shareholder class actions against companies in financial difficulty.	en_US
dc.publisher	LexisNexis Butterworths	en_US
dc.relation.ispartof	Australian Journal of Corporate Law	en_US
dc.title	Shareholders as creditors: a response to the CAMAC discussion paper on law reform	en_US
dc.type	Journal Article
utslib.citation.volume	2	en_US
utslib.citation.volume	22	en_US
utslib.for	180109 Corporations and Associations Law	en_US
utslib.for	1501 Accounting, Auditing and Accountability	en_US
utslib.for	1503 Business and Management	en_US
utslib.for	1801 Law	en_US
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Law
utslib.copyright.status	closed_access
pubs.consider-herdc	true	en_US
pubs.issue	2	en_US
pubs.volume	22	en_US

Abstract:

he CAMAC discussion paper regarding shareholder claims against insolvent companies has considered the issue of how best to address the implications of the High Courts decision in Sons of Gwalia. That decision recognised that shareholders may stand as creditors in a corporate insolvency by making a claim for damages based on statutory rights to compensation for defective disclosure.The decision has been highly controversial and has generated calls for law reform. The CAMAC discussion paper considers several options for reform, with various public submissions providing alternative options to address the tension between investor protection laws and corporate insolvency priorities. This article examines the range of suggested reforms and advocates a position of limited subordination, as well as other law reform measures, to address the practical, legal and policy issues raised by shareholder class actions against companies in financial difficulty.

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http://hdl.handle.net/10453/10454