Students

ACCG2051 – Business and Corporations Law

2021 – Session 2, Weekday attendance, North Ryde

Session 2 Learning and Teaching Update

The decision has been made to conduct study online for the remainder of Session 2 for all units WITHOUT mandatory on-campus learning activities. Exams for Session 2 will also be online where possible to do so.

This is due to the extension of the lockdown orders and to provide certainty around arrangements for the remainder of Session 2. We hope to return to campus beyond Session 2 as soon as it is safe and appropriate to do so.

Some classes/teaching activities cannot be moved online and must be taught on campus. You should already know if you are in one of these classes/teaching activities and your unit convenor will provide you with more information via iLearn. If you want to confirm, see the list of units with mandatory on-campus classes/teaching activities.

Visit the MQ COVID-19 information page for more detail.

General Information

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Unit convenor and teaching staff Unit convenor and teaching staff Convenor and Lecturer
Zaman Khorseduzzaman
Contact via Email
4ER - 212
See iLearn
Teaching Assistant
Cissy Zhan
Contact via ACCG2051@mq.edu.au
Credit points Credit points
10
Prerequisites Prerequisites
50cp at 1000 level or above
Corequisites Corequisites
Co-badged status Co-badged status
Unit description Unit description

This unit introduces students to the Australian legal system, including contract law, and focuses on corporate law and regulation. The relationship between the law and the role of accounting and business professionals is an underlying theme and students are encouraged to develop critical thinking skills as they analyse and evaluate legal issues in a commercial context. The unit will provide students with perspectives on a range of commercially important legal issues such as forming a business, management responsibilities, investor/shareholder protection, and insolvency. Topics include contract law, agency, partnerships, characteristics of companies, director's duties, rights of shareholders, voluntary administration, and liquidation. At the conclusion of the unit students will be aware of legal regulation applicable to different types of business organisations, particularly companies, and be able to identify and evaluate a range of corporate legal issues.

Important Academic Dates

Information about important academic dates including deadlines for withdrawing from units are available at https://students.mq.edu.au/important-dates

Learning Outcomes

On successful completion of this unit, you will be able to:

  • ULO1: Identify the features of the Australian legal system including the law of contract and distinguish business organisations based on their legal characteristics.
  • ULO2: Explain how companies are formed, differentiate between types of companies, and analyse and evaluate the role and obligations of directors.
  • ULO3: Examine how shareholders rights are protected and how the Corporations Act regulates acquisition and disposal of shares.
  • ULO4: Analyse insolvency mechanisms and issues, and critically assess corporate insolvency in the current regulatory environment.

General Assessment Information

Together with the information provided in this Unit Guide there will be additional, and if required updated, information and detail in relation to assessment, and the unit generally, available on iLearn.

Late Submission of Assessment

Late Submission(s): Where the assessment is to be submitted through Turnitin, the late assessment must also, where applicable, be submitted through Turnitin. No extensions will be granted. There will be a deduction of 10% of the total available marks made from the total awarded mark for each 24 hour period or part thereof that the submission is late (for example, 25 hours late in submission incurs a 20% penalty). Late submissions will not be accepted after solutions have been discussed and/or made available. This penalty does not apply for cases in which an application for Special Consideration is made and approved.

Note: applications for Special Consideration Policy must be made within 5 (five) business days of the due date and time.

 

Assessment Tasks

Name Weighting Hurdle Due
Tutorial participation 20% No Throughout Session
Media Assignment 20% No 1 October Friday 5 pm Week 8
Final Examination 60% No University Exam Period

Tutorial participation

Assessment Type 1: Participatory task
Indicative Time on Task 2: 20 hours
Due: Throughout Session
Weighting: 20%

 

Tutorial participation involves evidence of preparation for, participation in, and contribution to the tutorial.

 


On successful completion you will be able to:
  • Identify the features of the Australian legal system including the law of contract and distinguish business organisations based on their legal characteristics.
  • Explain how companies are formed, differentiate between types of companies, and analyse and evaluate the role and obligations of directors.
  • Examine how shareholders rights are protected and how the Corporations Act regulates acquisition and disposal of shares.
  • Analyse insolvency mechanisms and issues, and critically assess corporate insolvency in the current regulatory environment.

Media Assignment

Assessment Type 1: Qualitative analysis task
Indicative Time on Task 2: 20 hours
Due: 1 October Friday 5 pm Week 8
Weighting: 20%

 

This assessment involves a 1000 word written analysis of a current Australian newspaper/media article that relates to an aspect (topic, area, issue) of the material covered in the unit from Lecture 4 forward.

 


On successful completion you will be able to:
  • Identify the features of the Australian legal system including the law of contract and distinguish business organisations based on their legal characteristics.
  • Explain how companies are formed, differentiate between types of companies, and analyse and evaluate the role and obligations of directors.

Final Examination

Assessment Type 1: Examination
Indicative Time on Task 2: 40 hours
Due: University Exam Period
Weighting: 60%

 

A two- hour closed book final examination for this unit will be held during the University Examination period.

 


On successful completion you will be able to:
  • Identify the features of the Australian legal system including the law of contract and distinguish business organisations based on their legal characteristics.
  • Explain how companies are formed, differentiate between types of companies, and analyse and evaluate the role and obligations of directors.
  • Examine how shareholders rights are protected and how the Corporations Act regulates acquisition and disposal of shares.
  • Analyse insolvency mechanisms and issues, and critically assess corporate insolvency in the current regulatory environment.

1 If you need help with your assignment, please contact:

  • the academic teaching staff in your unit for guidance in understanding or completing this type of assessment
  • the Learning Skills Unit for academic skills support.

2 Indicative time-on-task is an estimate of the time required for completion of the assessment task and is subject to individual variation

Delivery and Resources

Classes will progress through the various Lecture Areas referred to in this Unit Guide. There may be some reorganisation, overlapping, and/or integration of areas to accommodate assessment, holiday scheduling, unit structure, delivery or class management. 

The timetable for classes can be found on the University web site at: http://www.timetables.mq.edu.au/

Required Text: Quilter, Company Law Perspectives, 4th ed. 2020, Thomson Reuters (Lawbook Co.) – [referred to as CLP 4th ed]

CLP 4th ed will be available in the Macquarie University library. It can be can be purchased from the publishers Thomson Reuters via their website https://legal.thomsonreuters.com.au/student/university/macquarie/

The following is not required but may be useful: Lipton, Herzberg and Welsh, Understanding Company Law, Thomson Reuters (Lawbook Co.). 

After considering the Australian legal framework, tort law and contract law, the unit will focus on corporate issues and the relevance and effect of the Corporations Act. Note that certain relevant sections of the Corporations Act are set out in CLP 4th ed. Statutes may be viewed in full at www.austlii.edu.au

Useful websites

Students should be ready to allocate at least 150 hours during session (in total) to ACCG2051. This includes all classes, assessment, personal study and other learning activities.

Technology Used and Required: 

Technology: learning management system (https://ilearn.mq.edu.au/login/index.php). Students have to frequently access this Unit's iLearn site (https://ilearn.mq.edu.au/login/ index.php) for relevant unit material (if any), announcements and detailed information regarding the Unit.

 

Unit Schedule

Note that Lectures start in Week 1 and Tutorials start in Week 2

The Unit is divided into 5 integrated areasAll of these areas are important to an understanding of the commercial and corporate issues that have a relationship to the role and responsibilities of accounting and business professionals.

Legal system and core legal and commercial concepts

Relevance for accounting and business professionals: Exposure to basic rights and commercial responsibilities to inform both personal transactions and professional advice to clients; employment relations; duty of care in the delivery of services; objectivity in assessment of performance; basic business organisation and structure.

Week 1 (Lecture 1)

Legal framework

Law of tort

Company Law Perspectives, 4th ed. 2020 [this is the required text and is referred to herein as "CLP 4th ed"]: Ch.1 and 3

Week 2 (Lecture 2)

Contract law

CLP 4th ed: Ch. 2

Tutorial 1

Week 3 (Lecture 3)

Contract law

Consumer protection

Agency

CLP 4th ed: Ch. 2, 4 and 34

Tutorial 2

 

Business Organisations and the Corporate Framework

Relevance for accounting and business professionals: Informed as to the choice of profit-making structure; the importance of exposure and extent of business failure and personal liability; understanding key business advice and strategy; entrepreneurial interrelationships; knowledge of role and functions of the corporate regulator.

Week 4 (Lecture 4)

Comparison of business organisations

Partnership

Registration of companies – the role of ASIC

Types of companies

Consequences of registration

CLP 4th ed: Chs.5, 6, 7, 8 and 24

Tutorial 3

Week 5 (Lecture 5)

The nature of Trusts and the role of corporate trustees

The company constitution and the relationship between the company and outsiders – the role of directors as agents and company liability in contract, tort and crime

Financing - Share capital and fundraising; loan capital

Dividends

CLP 4th ed: Ch. 9, 10, 11, 13, 14, 15, 16 and 17

Tutorial 4

 

Corporate management and governance responsibilities

Relevance for accounting and business professionals: Developing the ability to advise corporate clients, including individual directors and other managers; relevant foundation knowledge for personal future entrepreneurship; the importance of financial and ethical obligations and downsides of failure; recognising the relationship between company directors and accounting professionals; becoming alert to problems of financial oversight.

Week 6 (Lecture 6)

Directors and corporate management

Directors fiduciary duties

CLP 4th ed: Ch.18 and 19

Tutorial 5

 

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Mid-Session Break (13 September 2021 - 24 September 2021)

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Week 7 (Lecture 7)

Directors statutory duties and corporate governance

Financial and reporting obligations

Audit

CLP 4th ed: Ch. 20, 21, 22, 23

Tutorial 6

Shareholders and the corporate market

Relevance for accounting and business professionals: Ability to advise clients on the nature of the corporate marketplace; foundation information for providing professional investment advice to clients; awareness of key issues in company meetings; grounding for professional advisory role and introduction to current market issues in the acquisition and disposal of shares; introduction to shareholder equity issues including protection of rights.

Week 8 (Lecture 8)

Members rights

Company meetings

CLP 4th ed: Ch. 25 and 26

Tutorial 7

Week 9 (Lecture 9)

Takeovers

Financial services and markets – regulation and prohibited conduct

CLP 4th ed: Ch. 27 and 28

Tutorial 8

 

Insolvency

Relevance for accounting and business professionals: Exposure to key accounting and business issues in insolvency practice and the place of insolvency practitioners in the accounting and legal professions; understanding important signs and warnings of insolvency for both personal and business advisory use; being alert to insolvency options; understand legal alternatives and advise companies and their directors on effective insolvency planning and remedial action.

Week 10 (Lecture 10)

The concept of insolvency and the importance of insolvency regulation

Restructuring

CLP 4th ed: Ch. 29, 30, 31 and 32

Tutorial 9

Week 11 (Lecture 11)

Liquidation

The role and responsibilities of liquidators

CLP 4th ed: Ch.31

Tutorial 10

Week 12 (Lecture 12)

Summary and Revision

Tutorial 11

Week 13 (No Lecture)

Tutorial 12

 

 

 

Policies and Procedures

Macquarie University policies and procedures are accessible from Policy Central (https://staff.mq.edu.au/work/strategy-planning-and-governance/university-policies-and-procedures/policy-central). Students should be aware of the following policies in particular with regard to Learning and Teaching:

Students seeking more policy resources can visit the Student Policy Gateway (https://students.mq.edu.au/support/study/student-policy-gateway). It is your one-stop-shop for the key policies you need to know about throughout your undergraduate student journey.

If you would like to see all the policies relevant to Learning and Teaching visit Policy Central (https://staff.mq.edu.au/work/strategy-planning-and-governance/university-policies-and-procedures/policy-central).

Student Code of Conduct

Macquarie University students have a responsibility to be familiar with the Student Code of Conduct: https://students.mq.edu.au/admin/other-resources/student-conduct

Results

Results published on platform other than eStudent, (eg. iLearn, Coursera etc.) or released directly by your Unit Convenor, are not confirmed as they are subject to final approval by the University. Once approved, final results will be sent to your student email address and will be made available in eStudent. For more information visit ask.mq.edu.au or if you are a Global MBA student contact globalmba.support@mq.edu.au

Student Support

Macquarie University provides a range of support services for students. For details, visit http://students.mq.edu.au/support/

Learning Skills

Learning Skills (mq.edu.au/learningskills) provides academic writing resources and study strategies to help you improve your marks and take control of your study.

The Library provides online and face to face support to help you find and use relevant information resources. 

Student Enquiry Service

For all student enquiries, visit Student Connect at ask.mq.edu.au

If you are a Global MBA student contact globalmba.support@mq.edu.au

Equity Support

Students with a disability are encouraged to contact the Disability Service who can provide appropriate help with any issues that arise during their studies.

IT Help

For help with University computer systems and technology, visit http://www.mq.edu.au/about_us/offices_and_units/information_technology/help/

When using the University's IT, you must adhere to the Acceptable Use of IT Resources Policy. The policy applies to all who connect to the MQ network including students.

Changes from Previous Offering

In Session 2 2021 delivery of this unit will be structured to include both on-campus and online classes. Any change in the structure will be notified through iLearn notification and announcement.