Legal

Issue No. 43 - October/November 2008

Draconian liability inhibits directors

by Mr Brett Thorneycroft

Company directors are more vulnerable to “draconian” personal liability laws in SA than anywhere else in the country according to Bruce Cowley, a corporate partner at law firm Minter Ellison. Brisbane-based Bruce visited Adelaide to launch the SA edition of Protecting Your Position, a booklet listing the public liability risks company directors and officers face. Bruce is the main author, with input from local specialist partners Brett Thorneycroft (M&A chief), Kent Grey (Corporate Governance) and Shane Thurnwald (Workplace Risk).

Speaking at the launch, Bruce called the publication a “subtle protest” against a 10-year legislative trend which has seen statute law rules make company leaders ‘guilty until proven innocent’ of corporate law breaches. Bruce says this reversal of the onus of proof is a phenomenon of State-based law.

“These laws are applied inconsistently across the country. They are difficult to understand and they impose liability,” Bruce says...

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