Monday, 26 April 2010

Revenge of the Sons of Gwalia



Despite the rather colourful name of the now defunct mining company and associated court case, Sons of Gwalia v Margaretic, the Rudd Government's legislation has the rather dun-colured title of Corporations Amendment (No.2) Bill 2010.

Anyone wanting to have their say on the exposure draft of this bill can do it here.

Sons of Gwalia Limited has a rather fascinating early history and a very complicated one since. There is apparently some $1.2 billion in claims admitted by Sons of Gwalia administrators. About a third of these claims were lodged by shareholders and this legislation may cause them some angst if it muddies the legal waters.

Exposure Draft - Corporations Amendment Bill (No. 2) 2010

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