Paul Croft and Jacqueline Woods lead the Forensic Accounting team at BRI Ferrier, providing forensic accounting, expert witness and business valuation services. Going beyond the binary, Jacqui and Paul apply their forensic lens to topical issues to serve up practical insights and fresh perspectives on all things forensic accounting. Tackling issues including directors’ duties, insolvent trading, business interruption, shareholder oppression and post-acquisition disputes, they call to account the broader commercial and board room implications of matters that come across their desks.
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Paul Croft and Jacqueline Woods lead the Forensic Accounting team at BRI Ferrier, providing forensic accounting, expert witness and business valuation services. Going beyond the binary, Jacqui and Paul apply their forensic lens to topical issues to serve up practical insights and fresh perspectives on all things forensic accounting. Tackling issues including directors’ duties, insolvent trading, business interruption, shareholder oppression and post-acquisition disputes, they call to account the broader commercial and board room implications of matters that come across their desks.
In this podcast, Jacqui and Paul discuss a number of critical insights emerging from the dividend case in the Dick Smith litigation, in particular, the concept of "material prejudice" included in s254T(c) of the Corporations Act and the potential hurdle it creates to paying and declaring dividends. Highly relevant to directors - particularly CFOs - is the approach adopted by the Court to assess the "reliability" of information provided to boards, as well as, the extent to which that information provides a reasonable basis for taking decisions about dividends. Usefully, the judgement also identifies a number potential mitigation actions directors might consider in circumstances where a breach under s180(1) and (2) may arise because the company has potentially been exposed to a breach of s254T(c).
Called to Account
Paul Croft and Jacqueline Woods lead the Forensic Accounting team at BRI Ferrier, providing forensic accounting, expert witness and business valuation services. Going beyond the binary, Jacqui and Paul apply their forensic lens to topical issues to serve up practical insights and fresh perspectives on all things forensic accounting. Tackling issues including directors’ duties, insolvent trading, business interruption, shareholder oppression and post-acquisition disputes, they call to account the broader commercial and board room implications of matters that come across their desks.
