Explain the difference between a members’voluntary winding up and a creditors’voluntary winding up.

Question
In Australian Securities and InvestmentsCommissionv Healey[2011] FCA 717 Justice Middleton held:A director is an essential component of corporate governance … The role of a director is significant as their actions may have a profound effect on the community, and not just shareholders, employees and creditors.’

(a)With reference to the quote above,and relevant precedents studied in this course, discuss to whom do directors owe their duties?
(b)Explain the difference between a members’voluntary winding up and a creditors’voluntary winding up. Your answer must include the manner in which such winding up actions may be initiated.
(c)“Certainly, by reference to casesdecided before the courts the statutory remedies [under the Corporations Act] are more commonly used than general law remedies [by minority shareholders]”


 

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