Last week, the Australian Federal Court provided some further guidance on directors’ duty to exercise due care and diligence in performing their roles and the potential ramifications of breaching s 180 (1) of the Corporations Act 2001 (Cth) (Act). The declarations made by the court and the pecuniary penalties imposed against the defendant director serve as a reminder of the scope of relief available to the Australian Securities and Investments Commission (ASIC) in its pursuit of corporate misconduct.
