Journal Analysis Australian Law Essay Example | Topics and Well Written Essays - 750 words

Journal Analysis Australian Law - Essay Examplead issued public statements that were misguide the customers and the public. It apprize be recalled that SF, previously considered as unmatchable of the foremost financial planners of the nation, began to crumble when it defaulted payments of debts, that ran by tens of million, to the CB. Underpinning this financial collapse was the companys failure to issue adjustment calls to hundreds of its clients whose securities arrive fallen below margin minimum requirements after the sharemarket plunged. The company was forced to place itself under voluntary administration after CB gave it just one day to pay its debts (OShaughnessy 2009).As indicated above, the SF case seems to have catalyzed allegations of deception and mis submitation being bandied back and forth from one side to another. Initially, SF had accused CB of misleading its clients to count that the former has the sole responsibility to advise them on margin loans. The banking institution, on the other hand, now accuses SF to be guilty of the same thing with regards to statements it has issued to the public.The doctrine of misleading conduct under the Australian corporate law is embodied in different Commonwealth Acts. In the Trade Practices Act of 1974, for example, s 52 so specifically prohibits corporations engage in trade and commerce from conduct precisely described therein as misleading or deceptive or is promising to mislead or deceive. A follow-up provision under the same law is s 53 which enumerates ten misleading acts. The enumerated conduct are, among others, falsely represent that services are of a particular standard, quality, value or grade and make a false or misleading representation concerning the existence, exclusion or effect of any condition, warranty, guarantee or, right or remedy (s 53, Trade Practices Act 1974). On the other hand, the Australian Securities and Investments Commission Act 2001 (ASIC) likewise have a corresponding p rovision touching on the doctrine of