Australian Business Law Review 1993: Vol 21 Index & Table of Contents

17 Pages·1993·4.1 MB·English

AUSTRALIAN BUSINESS
LAW REVIEW
VOLUME 21
1993
Published in Sydney by
The Law Book Company Limited
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ISSN 0310-1053
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AUSTRALIAN BUSINESS
LAW REVIEW
GENERAL EDITOR
PROFESSOR ROBERT BAXT
EDITOR
PROFESSOR PHILIP CLARKE
EDITORIAL BOARD
Judge Arthur Rogerson (South Australia)
Professor K C T Sutton (Queensland)
Professor R Baxt (Victoria)
Professor E P Ellinger (Singapore Representative)
Professor Philip Clarke (Victoria)
SECTION EDITORS
Administrative Law Jeffrey Barnes
Banking and Finance Mark Sneddon
Book Reviews Peter Lithgow
Company Law and Securities Robert Baxt
Consumer Dealings John Mo
Contracts and Restitution Philip Clarke
Industrial Law and Relations Marilyn Pittard and Ron McCallum
Insurance K CT Sutton
Inteliectual and Industrial
Property Sam Murumba
Media and Broadcasting Law W J Forrest
Restrictive Trade Practices Stephen Corones
Taxation Abe Greenbaum
Transport Martin Davies
New Zealand Newsletter Rex Ahdar
PRODUCTION EDITOR
Fiona Egan
The mode of citation of this volume is
(1993) 21 ABLR page
Table of Articles
THE REGULATION OF LIFE INSURANCE AND SUPERANNUATION INVESTMENTS IN
AUSTRALIA
Dimity Kingsford Smith
NATURAL JUSTICE AND COMMERCIAL ARBITRATION
Samantha Hepburn
WHAT CAN TRADE ASSOCIATIONS AND THEIR OFFICIALS DO AND SAY UNDER COM-
PETITION LAW?—SOME RECENT AUSTRALIAN AND AMERICAN ENLIGHTENMENT
Warren Pengilley
WAIVER AND ESTOPPEL—DISTINCTION WITHOUT A DIFFERENCE?
Kris Arjunan
FAREWELL TO THE SLEEPING DIRECTOR—THE MODERN JUDICIAL AND LEGISLATIVE
APPROACH TO DIRECTORS’ DUTIES OF CARE, SKILL AND DILIGENCE
PN clinic insaieiciectigc eda Mink diasbcaciMaoatg ibcisd buxeasienpsnievxnbaenanisancunain eenn dniebsasin eth
JAPANESE CULTURAL TRADE BARRIERS AND THE SEARCH FOR AN APPROPRIATE DIS-
PUTE SETTLEMENT FORUM—AN AUSTRALIAN PERSPECTIVE
Rachael Field
MAXWELL AND THE ACCOUNTABILITY OF SUPERANNUATION SCHEMES IN AUSTRALIA:
A CRITICAL REVIEW OF LAW REFORM
Ne te i sini nantes aiinrns ced ntsc entsds nansnd let oeaiahadegh rere bvkagiek kona iia
LAW AND ACCOUNTING—THE SEPARATE LEGAL ENTITY PRINCIPLE AND CONSOLI-
DATION ACCOUNTING
Frank Clarke and Graeme Dean
MUTUAL RECOGNITION AND THE NATIONAL MARKET FOR GOODS
E Joan Wright
VALE TOURNIER—SALVE PRIVACY ACT
Greg Tucker
PROTECTION OF INTERNATIONAL BUSINESS REPUTATION IN AUSTRALIA
Fiona Martin
CONVERTIBLE NOTES
Mark P Mourell and Jonathan N Willoughby
THE MEANING OF ‘‘ACQUIRE”’ IN SECTION 50 OF THE TRADE PRACTICES ACT AND ITS
IMPACT ON SECURED FINANCING TRANSACTIONS
Jacqueline D Lipton
AUSTRALIAN Business LAw Revigw—Volume 21
UNCITRAL GIVES INTERNATIONAL TRADE LAW CLOUT
Geoff Fisher
ABUSE OF JUDICIAL AND ADMINISTRATIVE PROCESSES—AN ANTITRUST VIOLATION?
Paul G Scott
SUICIDES AND POLICIES: CAUSING THE RISK TO HAPPEN UNDER INSURANCE
CONTRACTS
PROCIIN ONG WAND oo A chokes eas tarigaiy dalcdcdida caren dantaecendacieeNud earnest 410
OBSERVATIONS ON THE APPLICATION OF PART IVA: PEABODY v FEDERAL COMMIS-
SIONER OF TAXATION
Julie Cassidy
TABLE OF ARTICLES
Table of Cases
The cases set out here are cases that have been given special consideration
in the Australian Business Law Review.
Alvord-Polk Inc v F Schumacher & Co Dawson’s Bank Ltd v Nippon Menkwa Kabushiki
Amalgamated Metal Workers’ Union of Australia
and Ors, Re; Ex parte Shell Co of Australia De Garis and Anor v Neville Jeffress Pidler Pty
PRS IE OES aroei cc en pu cpies once socesowernenlesdnacus 71
Australian Securities Commission v Gallagher 446 Director of Investigation and Research v Laidlaw
AWA Ltd v Daniels (trading as Deloitte Haskins & Waste Systems Ltd
Sells) 111 Dowling v Dalgety Australia Ltd ................... 158, 373
East End Real Estate Pty Ltd (trading as City Living)
Barclays Bank Ltd v W J Simms Son & Cooke
v C E Heath Casualty & General Insurance
(Southern) Ltd and Anor
Bellis v NZMC Ltd
Eastern Express Pty Ltd v General Newspapers Pty
Beresford v Royal Insurance Co Ltd
Brick and Pipe Industries Ltd v Occidental Life
Eastern Railroad Presidents Conference v Noerr
Nominees Pty Ltd
Motor Freight Inc 399
Brightlife Ltd, Re
Electricity Corp Ltd v Geotherm Energy Ltd 392
Cadbury Schweppes Pty Ltd v Kenman Develop- Fire Nymph Products Pty Ltd v Heating Centre Pty
ments Pty Ltd
California Motor Transport Co v Trucking
Unlimited
Caparo Industries Plc v Dickman Gates v City Mutual Life Assurance Society Ltd ...
Carden v C E Heath Casualty & General Insurance Group Four Industries Pty Ltd v Brosnan and Anor
Carrington Slipways Pty Ltd v Patrick Operations
GTO VaV s OIANIS or ccs cas vaaw'ioccdoenonsvatpacsecmens
Central London Property Trust Ltd v High Trees Hawkins and Ors v Bank of China
House Ltd HongkongBank of Australia Ltd v Australian Secu-
City Equitable Fire Insurance Co Ltd, Re rities Commission
Hughes v Metropolitan Railway Co
Cleadon Trust Ltd, In re
Hurley v National Companies and Securities
Columbia Coffee and Tea Pty Ltd v Churchill and
Commission
POTS iv .balectodoo nt Sey cae cteenion seub ercesn autem ne
Comalco Aluminium Ltd v Mogal Freight Services
Pty Ltd
Imperial !.eatherware Co Pty Ltd v Macri and Mar-
Commissioners of Inland Revenue v Muller & Co’s
cellino Pty Ltd
Margarine Ltd
Commonwealth Bank of Australia v Baltica General
Insurance Co Ltd J Gadsden Pty Ltd v Strider | Ltd
Commonwealth Bank of Australia v Friedrich and
ROMS acs cnt she eee eee ae ora areas fete
Commonwealth of Australia v Verwayen Kammins Ballrooms Co Ltd v Zenith Investments
Con Agra Inc v McCain Foods (Aust) Pty Ltd (Torquay) Ltd
AUSTRALIAN Business LAW REviEw—Volume 21
Liggett (Liverpool) Ltd v Barclays Bank Ltd 207 R W Lowe Lippmann Figdor & Frank v AGC
Advances Pty Ltd
Metal Manufacturers Ltd v Lewis 127
Mount Isa Mines Ltd v Federal Commissioner of South Australian Superannuation Fund Investment
Taxation 80 Trust v Leighton Contractors Pty Ltd and
ONG so sicaciestascese eckaee mreai aatsa etsat one
Statewide Tobacco Services Ltd v Morley
Panchaud Fréres SA v Etablissements General Grain
Peabody v Federal Commissioner of Taxation Telecom v Clear Communications .....................
Pont Data Australia Pty Ltd v ASX Operations Pty Telecom Corporation of New Zealand Ltd v The
Commerce Commission and Ors ...............
Premier Electrical Construction Co v National Elec- Tournier v National Provincial and Union Bank of
trical Contractors Association Inc England
Provan v HCL Real Estate Ltd Trade Practices Commission v Service Station Assoc
TO OIE CII as scesicciesadcoreansetieeecuncsn
Quadro Shipping NV v Bizley & Co Pty Ltd
United Mine Workers v Pennington
R v Panel on Take-overs and Mergers; Ex parte
Datafin Plc and Anor Vrisakis v Australian Securities Commission
Rema Industries and Services Pty Ltd v Coad and
Ors; Re Taspac Thermoforming Pty Ltd
Ross T Smyth & Co Ltd v T D Bailey, Son & Co Westeine v Rae ariel Cire s 555c5k o5s ce5re z2cab5secd0eene ss
TABLE OF CASES

Accounting—see Companies and Securities Law Tournier’s case
consolidated accounting analysis of, 302-303
narrowness of, 290
Administrative Law relevance of, 290, 303
Administrative Appeals Tribunal, jurisdiction of, rule in, statement of, 292-293
review of exercise of power by Australian type of information subject to duty, 295
Securities Commission, 440-445 use of information, restrictions on
industry subjection to internal, 297-298
advantages of administrative review, 69 third parties, by, 301
banking industry, 68-69 definitions
independence of review bodies, 68, 69 personal data, 291
insurance industry, 68 privacy, 291
ombudsmen schemes, 67-70 secrecy, 291
*‘public’’, expansion of concept of, 66-67 Martin Committee Report, recommendations of,
298-299
Auditors OECD Guidelines, 292
duties to third parties, 217-220 comparison with Privacy Act and Tournier’s
reform proposals regarding liabilities, 315 case, 301-302
superannuation schemes and role of, 196, 201 Privacy Act (Cth) 1988, under
accuracy of information, requirements, 296-297
collection of personal information, restrictions
Banking and Finance
on, 296
administrative law, subjection of industry to, 68-69
commencement and termination of duty, 295
Banking Ombudsman scheme
compensation, 301
Annual Report of, 68
complexity of, 303
terms of reference, 68-69
cost of services, effect on, 303
amendment to, 153-154
customer access to information, 297
code of conduct, Government proposal for, 316
disclosure of information, 299-300
dealings with companies, assumption of proper
consent forms, use of, 299-300, 303
execution of loan document by company
implied consent exception, eradication of,
officers, 368-369
300, 303
mistaken payments
institutions affected, 294
equitable rights of bank against customer, 207-21 |
OECD Guidelines
Liggett doctrine, 208-211
comparison with, 301-302
unjust enrichment, 209-211
inclusion of, 292
privacy and data protection
penalties and offences, 298, 300, 301
common law, under
prevalence over common law, 293
accuracy of information, requirements, 296
purpose of, 291
collection of personal information, 296
record management standards, effect on, 303
commencement of duty, 294-295
security safeguards, 297
customer access to information, 297
type of information subject to duty, 295-296
damages
use of information, restrictions on
breach of duty of secrecy, 300
internal, 298
emotional distress, 301
third parties, by, 301
disclosure of information, 298-300
institutions affected by, 293-294 Book Reviews
intentional disclosure, 297 Cooper, G, Capital Gains Tax, 2nd ed, 304
legislation, effect of, 293 Miller, R V, Annotated Trade Practices Act, 14th ed,
termination of duty, 294-295 370
INDEX
Book Reviews — continued Corporations Law, interpretation, doctrine of precedent
Toth, Dr A G, The Oxford Encyclopaedia of European in, 444-445
Community Law, Vol 1, 370 dealings with companies, assumption of proper
execution of loan documents, 368-369
Business Ethics, 244 guarantees and Corporations Law, s 592, contingent
debts, 212-217
Charges indoor management rule, 368-369
automatic crystallisation of floating charges reform
effectiveness, affirmation of, 152 continuous disclosure provisions, 171
retrospective operation of deeming clause, 152-153 Corporate Law Reform Bill (No 2), 85
third parties, effect on, 152 Corporations Law, 244, 317, 388, 444
insolvency provisions, 7-8
Commercial Arbitration
Related Party provisions, 4
natural justice requirements in
arbitration agreement, terms of, 45, 51
Convertible Notes
commercial arbitration legislation, 45-47, 48
advantages of
Commercial Arbitration Act 1984 (NSW), 49-50
capital gains, 340
Commercial Arbitration Act 1986 (SA), 44
debt, cheap source of, 340
misconduct under, breach of natural justice as,
interest, 340
46-47, 48, 50
priority of noteholders over equity holders, 340
conceptual principles, consideration of, 47-48
risk, limit on, 340
freedom of contract and, 45, 51
sale of shares at above market price, 340
recent cases, 43-45, 49-50
Australia and United States compared, 339, 348-349
Rules of Court and, 43, 44-45, 48-49, 50
Australian approach to
case-law
Company Law and Securities—see also Directors’
discount, issue of convertible debentures at, 343
Duties
interpretation of legislation, 343
administrative review, ASC authorisation of application
evaluation of, 348-349
under Corporations Law s 597, 440-445
Income Tax Assessment Act, 339, 342-343, 350-
consolidated accounting
351
alternatives to, 260-268
objectivity of, 348
aggregation of group assets based on market price,
definitions of, 338-339
266-268
Income Tax Assessment Act, Div 3A, 339, 350
proscription of wholly-owned subsidiaries, 261-
problems
265, 268
accounting, 341-342
advantages, 263-265
control of corporations, effect on, 341
disadvantages of, 262-263
Corporations Law, s 216, effect on, 341
function of, 257, 256-258
legislation, inadequacy of, 349
group trading
liquidation, in, 341
cross guarantee accounting relief, 250-253
reliance on debt/equity difference for
early examples of, 249-250
characterisation, 341-342
reform as a consequence of, 248-249
taxation, 34]
historical perspective
United States approach to
disclosure quid pro quo, 248
case-law, characterisation for tax purposes
general incorporation, 247-248
Farley Bifurcation approach, 347-348
Joint Stock Companies Act 1844, 247-248
Relevant Factors approach, 344-347
limited liability of shareholders, 248
additional factors, 352
separate legal entity doctrine, 248
circuit court approaches, 345, 351-352
problems with
evaluation of, 348-349
accuracy of information, 255-256
subjectivity of, 348
aggregated data, 258
United States Internal Revenue Code, s 385, 344
antefactual data, inclusion of, 257, 259-260
counter-factual, recourse to, 258-259
data fabrication, 259-260 Directors’ Duties
fictitious structure of group, 258-259 bona fide in interest of company, to act, 111
masking transactions, 253, 268-269 care, skill and diligence, 111-151, 446-447
variant accounting practices, 255 business judgment rule, 146-150
support for, 253, 268 executive and non-executive directors, 150
AUSTRALIAN Business LAW REviEw—Volume 21