Directors Must Be Financially Literate

A recent Federal Court decision, ASIC v Godfrey [2017] FCA 1569 (Godfrey), has confirmed that directors must have a certain level of financial literacy, in order to fulfil their duties under the Corporations Act 2001(Cth) (the Act). This decision affirms the landmark Centro case, ASIC v Healey(2011) 196 FCR 291 (Centro). Directors cannot rely solely on internal management or external auditors to fulfil financial reporting requirements. Key Facts Mr Patrick Godfrey was managing director of Banksia Securities Limited (BSL). BSL’s main asset was its loan portfolio. Mr Godfrey failed to ensure adequate provision for bad and doubtful debts in BSL’s financial reports for June 2011, December 2011 a

John Nash promoted to Executive Lawyer

Henry William Lawyers is thrilled to announce the promotion of John Nash to Executive Lawyer, joining Lisa Berton, Nick Noonan, Alex Linden and Mark Faraday as the firm’s lead advisers. John specialises in all corporate and commercial transactions strengthening the full-service commercial offering at Henry William Lawyers. John has a particular interest in business sales, start-ups, fundraising, corporate restructures, personal asset structuring and intellectual property.

Best Lawyers In Australia Awards

Henry William Lawyers is delighted to announce that a number of our lawyers have been recognised by Best Lawyers for their expertise: Nick Noonan - Labour and Employment Law Alex Linden – Bet-the-Company Litigation, Litigation, Alternative Dispute Resolution and Insolvency and Reorganization Steve Godding – Superannuation. We are very proud of the achievements of Nick, Alex and Steve.

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