The changing face of directors’ liability in Queensland - .PDF file.
For many years, directors (and other executive officers) have faced deemed liability under Queensland law, whereby if a corporation commits an offence, an executive officer is deemed to have committed the offence of failing to ensure the corporation complies with the relevant act. From 1 November, this will change. This briefing examines how some key resources and other legislation will be affected by the change.
On 29 October 2013, the Directors’ Liability Reform Amendment Act 2013 (Qld) was passed and took effect from 1 November. The act amends a broad range of Queensland laws that previously subjected executive officers (including directors) to deemed liability.
The original version of the bill introduced in 2012 has been heavily amended in response to criticism that it did not achieve the goal of reducing the compliance burden placed on executive officers…
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