A New Sheriff in Town? Section 596A and Shareholders’ Newfound Powers

Article


Timoshanko, Aaron. 2023. "A New Sheriff in Town? Section 596A and Shareholders’ Newfound Powers." Australian Business Law Review. 51, pp. 327-344.
Article Title

A New Sheriff in Town? Section 596A and Shareholders’ Newfound Powers

ERA Journal ID33106
Article CategoryArticle
AuthorsTimoshanko, Aaron
Journal TitleAustralian Business Law Review
Journal Citation51, pp. 327-344
Number of Pages18
Year2023
Place of PublicationAustralia
ISSN0310-1053
Web Address (URL)https://legal.thomsonreuters.com.au/australian-business-law-review-parts-bound-volumes/productdetail/72380
Abstract

In the case of Walton v ACN 004 410 833 Ltd (in liq) (Walton), the High Court of Australia interpreted s 596A of the Corporations Act 2001 (Cth) in a way that benefits shareholders and former shareholders. Before this ruling, it was believed that examining company officers could only be done for the benefit of the company, its creditors, or contributories. However, post-Walton, eligible applicants, including shareholders and former shareholders, can now examine certain company officers about the examinable affairs of the company for their own benefit. This includes uncovering information about misconduct to potentially reclaim financial losses. As a result, there may be an increase in applications for eligible applicant status received by Australian Securities and Investments Commission and an overall increase in the enforcement of the Corporations Act.

Keywordsshareholders' powers, Corporations Act, s 596A, examinable affairs, examinable person, mandatory examination, eligible applicant
Contains Sensitive ContentDoes not contain sensitive content
ANZSRC Field of Research 2020480101. Banking, finance and securities law
480699. Private law and civil obligations not elsewhere classified
Public Notes

The accessible file is the accepted version of the paper. Please refer to the URL for the published version.

Byline AffiliationsUniversity of Southern Queensland
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