A wider ambit for the unreasonable director-related transactions provisions of the Corporations Act?
In Vasudevan & Ors v Becon Const & Anor [2014] VSCA 14, the Victorian Court of Appeal adopted a broader interpretation of the phrase ‘for the benefit of … a director’ in s 588FDA of the Corporations Act 2001 (the Act) than has been accepted in previous cases. The decision has the potential to widen the ambit of the unreasonable director-related transactions provisions of the Act.