laws relating to corporate contracting(a) This is the most significant economic event since the Great Depression (Hon Prime Minister Kevin Rudd MP Weekend Australian 11-12 October 2008) In response to recent upheavals, the Australian Securities and Investments Commission (ASIC) has placed bans on short selling. Discuss the significance and role of ASIC. In so doing discuss (eg) why it is necessary to have a regulator for corporate law; the importance of having a national system of regulation and the ban on short selling. (10 marks) and (b) Shorty and Shifty set up a company called Simpleton Ltd. Through the businessorganisation Simpleton Ltd, Shorty and Shifty raised shareholder funds to purchase a Goldmine from Faade Ltd. The Goldmine was long since past its best and most productive, but Shorty and Shifty paid the market rate that would have applied to an active mine, in its prime. Some time after the purchase, Shorty and Shifty left the jurisdiction. After they mysteriously departed,the minority shareholders of Simpleton Ltd discovered that Shorty and Shifty were the owners of Faade Ltd. The minority shareholders of Simpleton Ltd seek your advice as to what action they can take in relation to their rights and the actions of the directors. In advising the shareholders, discuss whether this action provides a role for ASIC and, if so, why that is important. Briefly consider the remedies that are available in this case and whether the type of company influences the remedies to be sought. Would your answer differ if Shorty and Shifty were not the owners of Faade Ltd and if they had not left the jurisdiction? Why? (10 marks) and (c) Directors and liquidators both have duties. As business students you could occupy either role. Briefly analyse the similarities and differences between the role of directors andliquidators and their duties. In so doing, briefly discuss the aspects of corporate insolvency and corporate governance that have a public law or public interest element. Are laws relating to corporate contracting relevant in this regard? (10 marks) (Total 30 marks)