Section 1324(10) of the Corporations Act 2001 (Cth) does not empower a court to award damages to a creditor for a director's contravention of s 182(1) where the creditor's loss is merely derivative of the company's loss and Pt 9.4B provides a specific compensation regime limited to ASIC and the corporation. A creditor seeking to recover loss caused by a director's breach of duty must look to the specific remedies in Pt 9.4B (through ASIC or the corporation) rather than s 1324(10). The question whether s 1324(10) requires a pre-existing entitlement to damages in all cases was left open.
The full text is available to signed-in members, including the 17 later cases that cite this judgment.
4 of the 17 citing cases carry a classified treatment. How each court treated it is available to signed-in members.