Failure to disclose the identity of a counterparty to a material transaction, the absence of due diligence on the counterparty's capacity to complete, and known financing uncertainties may each constitute material information requiring disclosure under s 674(2), and a director's failure to appreciate the materiality of such information may constitute a breach of s 180(1) without ASIC needing to adduce expert evidence on director standards.
The full text is available to signed-in members, including the 20 later cases that cite this judgment.
3 of the 20 citing cases carry a classified treatment. How each court treated it is available to signed-in members.