Corporations Act 2001 (Cth) In Australia That Bound Companies To Develop Business Portfolio

corporation act 2001 in australia

Corporations Act 2001 (Cth) that will make John liable if Urban Pty Ltd does not want to supply office furniture to Curtin University. In answering this question, note that the contract was entered into in January 2017 and the company was registered in July 2017.

If the urban Pty Ltd does not want to supply office supplies the john will be personally liable for this according to section 131-133 of corporation act 2001. The detail of these sections is described below. Section 131 to 133 from corporation act 2001 

Contracts before registration Corporations Act 2001:

If Urban Pty Ltd does not ratify the contract then John will be personally liable to pay the damage to Curtin University within the agreed time to fulfill the contract. If there is no agreed time then john will have to pay damages within a reasonable time period. John will have to pay the same amount if company ratify the contract and did not fulfill it. (Corporations Act 2001)

If john wants to recover damages due to company registration. But It does not ratify the contract the court may proceed according to the circumstances and do one or more of followings:

  • John will have to pay all damages or some part of damages.
  • It can transfer that property only if he has received in favor of this contract.
  • John can pay an amount to the Contractor party.

Person may be released from the liability but not entitled to indemnity:

  • Pre registration contract may give some release to John by signing a release under above described sections.
  • But under this law, it is not indemnity to get release in John’s liability.

This part replaces other rights and liabilities:

Through this section, it can replace rights and liabilities of liable person if the contract is from pre-registration. This Article Guide about the rule and regulation about the Australian Government only.

 

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