The American Revolutionary War - 796 Words

The American Revolutionary War was a long hard fought war that lasted about 8 years. Many Countries were involved in the war, such as The United States, France, Great Britain, Spain, and The Dutch Republic. Not all countries actually fought but they provided either side with weapons and supplies to help them have a greater chance of winning the war. More than 70,000 people were killed during the great American Revolutionary War. The Americans were tired of the loyalist British taking advantage of them. They were tired of the new taxes that kept being created by the British. The Americans were tired of being pushed around, so they decided to do something about it. High Tensions eventually got between the two countries and they began to start a war, which was known as The American Revolutionary War. Before the war began, a great man implied, â€Å"One of the most essential branches of English liberty is the freedoms of one’s house, a man’s house is his castle†, in forming everyone that the colonies should be freed from British control (Otis). The American Revolutionary war was a war started, so the 13 colonies of America could gain there independence from Great Britain. Thousands of soldiers were killed while many others were severely wounded. The American Revolutionary war was one of the greatest wars in American history, because it had many great battles, was led by some of the greatest leaders, and got the 13 colonies independence from Great Britain. To begin, the AmericanShow MoreRelatedThe American Revolutionary War1223 Words   |  5 Pagesabout the American Revolutionary War, however, the answer is clear. While the War certainly brought about change within the United States, it wasn’t necessarily very revolutionary. The most important aspects of the colonies, such as ideas about government, various types of societal equality, slavery and freed blacks, and the rights of women remained for the most part, unaffected. The theories and ideas about government that initially gave the war a purpose were definitely revolutionary. One notableRead MoreAmerican Revolutionary War2411 Words   |  10 Pagesthe revolution was the American embrace of a political ideology called republicanism, which was dominant in the colonies by 1775. The country party in Britain, whose critique of British government emphasized that corruption was to be feared, influenced American politicians. The commitment of most Americans to republican values and to their rights, helped bring about the American Revolution, as Britain was increasingly seen as hopelessly corrupt and hostile to American interests; it seemed toRead MoreThe American Revolutionary War1519 Words   |  7 Pages What was the purpose of the American Revolutionary War, or any revolutionary war, for that matter? There are many types of government in the world, and like everything, some are better than others. The people in the countries that had revolutionary w ars had the drive and determination to rebel against their government, for what they believed was right, because, well, they did not like their government and wanted another kind. Within the hundreds of types of governments, the most common includeRead MoreThe War Of Independence And The American Revolutionary War943 Words   |  4 PagesThe American Revolution or also known as the U.S War of Independence and the American Revolutionary War took place during 1775 to 1783. The Revolution was a conflict arose from the residents of Great Britain’s 13 colonies and the colonial government. The Revolution brought drastic changes to the lives of women. While the men were away at war, women would stay home, and take over the jobs men had before the war. As time flew by, women started taking roles in the Revolutionary War, examples of rolesRead MoreThe American Revolutionary War Was Truly Revolutionary?1240 Words   |  5 PagesAP U.S History: D.B.Q. American Revolution Prompt: Analyze the extent to which the American Revolutionary War was truly ‘revolutionary?’† The American Revolution, which occurred approximately from 1765 to 1786, is also known as the American Revolutionary War and the U.S. War of Independence, for good reason. The conflict rose from rising tensions amid the people of Great Britain’s thirteen American colonies and the colonial government, which represented the British crown. ClashesRead MoreThe Revolutionary War And The American Revolution915 Words   |  4 PagesThe American Revolution was an important turning point in that process as it marked the beginning of the end slavery in the northern states and, by contrast, its intensification in most of the southern states. When I think about how the Revolutionary War affected enslaved African Americans it was quite interesting. After reading the testimony of one the ex slave right around the the time of the Revolutionary War still seemed harsh. Samuel Elliot was born into slavery and was a farmer. When many ofRead MoreThe American Revolutionary War Essay517 Words   |  3 PagesThe American Revolutionary War (1775–1783), the American War of Independence, or simply the Revolutionary War in the United States, was the prosperous military revolt against Great Britain of Thirteen American Colonies which joined together as the United States of America in July 1776. Originally constrained to fighting in those colonies, after 1778 it additionally became a world war between Britain and France, Netherlands, Spain, and Mysore. The war had its inchoations in the resistance of manyRead MoreAmerican Revolution : The American Revolutionary War923 Words   |  4 PagesThe American Revolution is known as the war fought between American and Great Britain, for Americans freedom. The American Revolution is also commonly known as the American Revolutionary War, or the U.S War of Independence. The War itself only last a short eight years, it began in 1775 and ended in 1783, but tensions had been building up for centuries between the Great Britain and the colonies at the given time period. The American Revolutionary War until 1778 was a war of independence betweenRead MoreThe Trail Of The American Revolutionary War1554 Words   |  7 PagesThe Trail to The American Revolutionary War The roots of the American Revolution can be traced all the way back to the year 1763 when British leaders began to tighten imperial reins. Once the relations between Britain and the colonies became more of a conflict. Britain’s land policy prohibiting settlement in the West irritated colonists as well as the arrival of British troops. The colonists believed that they should be able to live democratically. Alongside, Britain feeling as though they ownedRead MoreThe American Revolutionary War, And The Declaration Of Independence1288 Words   |  6 PagesThe Colonial Period in America was a revolutionary era that lasted through the years of 1607-1776. The Speech in the Virginia Convention, written by Patrick Henry, and the Declaration of Independence, written by Thomas Jefferson, were two major components that influenced the colonists to fight for their freedom against the British. During these Colonials times, many speeches, events, and documents, leading up to the American Revolutionary War, impacted the outcome of our nation today. The Speech

Women s Rights Of Islam Essay - 1810 Words

Women’s Rights in Islam: In his farewell address, Muhammad said, â€Å"Treat your women well and be kind to them for they are your partners and committed helpers.† Although he advocated for equal rights among sexes, for centuries, the portrayal of the lives of women in many Islamic societies has been that of inequality, prejudice, and injustice. However, these injustices do not reflect the religion’s values and traditions but rather the national and political regulations that have been adapted over time. Shortly after Muhammad’s death, political rulers began to embrace their own traditions and adaptations of the Muslim culture. Although gender inequality may be perceived as a major issue today in Muslim culture, the teachings of the Qur’an promote gender equality and were very progressive for their time. The role of women in society, their marriage rights, and their right to decide to wear or not wear the hijab have been controversial topics for years. However, the Hadith, Qurâ₠¬â„¢an, and other early teachings of early Islamic societies shed light on each of these issues. Ultimately, though, the role of women in Islamic society failed to fully materialize after the Prophet Muhammad’s death. Islam was the first religion that noted equal rights of women when legislation clearly established them as independent beings, and during Muhammad’s time, women even held noteworthy positions in society. Khadija, one of Muhammad’s wives, was a successful business women and played a prominent roleShow MoreRelatedWomen ´s Right in Islam 759 Words   |  4 PagesSurah IV is an explanation and list of women’s rights pertaining to laws, inheritance and marriage and also touches on families in general. Vss. 19-39 is an important passage because it is the groundwork for marriage and women’s rights in the marriage. There are very specific instructions on how to punish a woman who has acted indecent, when a woman should and should not get her inheritance, whom a man can marry and how a man should treat his wives. Verse 19 starts the discussion on inheritanceRead MoreThe Rights And Privileges Of Women1527 Words   |  7 PagesAli Dadkhah Ms. Majida Salem 12th Islamic Studies 3/28/2017 Rights of Women The rights and privileges of women have been targeted by western haters of recent times, attempting to make the world believe that women have no rights in Islam. In reality however it is the complete opposite, women have the same rights as men (in mostly all cases) and have even more leniency. â€Å"As for anyone - be it man or woman - who does righteous deeds, and is a believer withal - him shall We most certainly cause toRead MoreWomens Status in Islam Essay940 Words   |  4 PagesStatus in Islam In Islam, women and men are equal in terms of their relationship with Allah. It can be clearly seen that Allah has created men and women differently, this is so that they may fulfil different purposes in life. It is not a question of the superiority of one gender over another, rather it is a matter of role differentiation. Islam teaches Read MoreMuslim Women: Treated With Oppression Or Fairness?. When1429 Words   |  6 PagesMuslim Women: Treated With Oppression or Fairness? When I mention Islam, I am discussing its way of life, a concept that encompasses every aspect of one’s life from beginning to end. Islam, the newest and second largest faith, influences many parts of this earth as we discussed in class. Originating in the Arabian Desert, the religion is based on one book, The Holy Quran, the final word of Allah. Prophet Muhammed, in Islam, was the last messenger of God. His life is one that Muslims should followRead MoreThe Role Of Muslim Women During The Islamic World1564 Words   |  7 Pagesrole of Muslim women in the Islamic world is one has been widely discussed criticized by many people. The most common perceptions are of women living under the oppressive dictatorships of their husbands, forced into marriage, and constantly covered under the veil. The discussion of Muslim women and their roles are an important, firstly because there have been many misconceptions by non-Muslims which needs to be corrected and addressed. Secondly, some Muslim countries treat women unjustly in theRead MoreWomen s Political And Islam1265 Words   |  6 PagesWomen’s political rights in Islam has been a controversial topic in the modern age. With the growth of ideologies like feminism and liberalism, Islam has been carefully examined underneath a microscope for some time. Some argue that Islam subjugates women because they are not given the exact rights or roles men have been given. Allah (swt) has given men and women different biological, physiological, and psychological attributes. In the Quran Allah (swt) says in chapter 4; verse 32 â€Å"And do not wishRead MoreWomen Among Roles, Power, And Rights Essay1574 Words   |  7 PagesThe Women Among Roles, Power, and Rights in Islam. Since the mention of women in an Islamic context brings the notion that women under the Islamic cover live an oppressive, unfair, and patriarchal lifestyle. Defending this situation, Amina Wadud in her book Qur an and Woman, Muslim progressives have since quite a while ago contended that it is not the religion but rather a patriarchal elucidation and usage of the Qur an that has kept women mistreated. Wadud sees that the sacred texts are not theRead MoreWomen s Role Of A Muslim Woman1440 Words   |  6 PagesWomen’s Role in Islam In the west, the common picture of a Muslim woman is the stereotype of a woman hidden behind a veil, a voiceless, silent figure, stripped of rights. This picture of the Muslim woman is all too familiar to us, in large part because this is how the western media portrays women in Islam. If this is the picture of what most people think a Muslim woman is, what people think the roles of these women are not any better. Many people would think the roles of these women include being aRead MoreMuslim Women As A Symbol Of Oppression856 Words   |  4 PagesIn the past decade, Islam has been viewed as a male dominant religion. Many people in the west proclaim that Muslim women are forced to wear and do things out of their own will and, therefore, the western society perceives Muslim women as a symbol of oppression. The main subject of controversy is the Islamic veil. In addition, the west proclaims Islam to be a sexist religion as the Muslim women are not held equal to men including a limited amount of women’s rights in Islam. In the Deepa Kumar articleRead MoreIslam : A Monotheistic Religion1505 Words   |  7 Pages Modern Challenges Paper Islam is a monotheistic religion taking into account disclosures got by the prophet Muhammad in the seventh century A.D., which were later recorded in the Quran (or Koran), Islam s consecrated content. Islam has spread quickly during the time and today the religion is, by a few estimations, the biggest on the planet. Devotees of Islam are called Muslims. The Arabic word Islam signifies accommodation, mirroring the confidence s focal precept of submitting to Allah. Islamic

Is Saltwater Desalination the Best Solution to Water Shortages in the United States Free Essays

string(172) " the technology and its easy implementation has been one of the motivating factors towards its adoption as a major solution to current crisis of water shortage \(Tonner\)\." As a matter of scientific fact, the vast majority of the surface area of our planet is covered in water; ironically enough, however, a great deal of this water cannot be consumed by human beings in its natural state, as it is salt water, which could only be consumed by human beings after undergoing desalination. This is a process through which the ions that make water saline are removed through various means and technologies, chief among them reversed osmosis (RO), thereby making the water suitable for humans to drink. Desalination is a process that is undertaken in sea or ocean water which by in large contains the most saline of all the water in the world. We will write a custom essay sample on Is Saltwater Desalination the Best Solution to Water Shortages in the United States? or any similar topic only for you Order Now Desalination is an increasingly popular process, necessitated by shortages in domestic and industrial water supplies. For all of its present day popularity, desalination is not a new concept; rather, it is a technology that has been in use since the 18th century in southern Florida, which to this day hosts desalination units. Currently, this technology is the method of choice for gulf nations that are found within dessert terrains that rarely produce any fresh water supplies for consumption, as evidenced by recent reports showing a major water crisis looming in the horizon. These reports forecast that in the next five years, at least 36 states face substantial water shortages, supported by the shrinking water levels of major dams across the states and the shrinking of the Great lakes. Fresh water sources can no longer stand up or match up with the demand of the constantly increasing population of the US. This is most acutely felt in marine ecosystems where there is a problem in reducing the levels of salinity and also the brine discharge system, causing an imbalance in marine ecosystems (Tonner 11). History of Water Shortage All over the world, water that is mainly found in reservoirs like dams, lakes and waterways like rivers is relied heavily upon for replenishment of municipal water supplies; these supplies provide water for both commercial and residential use. All these are regarded as fresh water sources since the water comes naturally, mostly through rainfall. With the advent of global climatic changes, there has been a decline in the amount of rainfall; the patterns of the rains have become irregular and they rarely conform to expected time frames or the duration. The other factor that has not aided the water shortage debate is the general rise in global temperatures. This has led to increase in the rates of water evaporation from water reservoirs. Since rainfall in most cases is declining or there is a general atmosphere of drought griping the sphere in general, meaning that the rate of water uptake from the sources (through evaporation and uptake by man) and the rate of replenishment by rain do not match. It is quite obvious that with declining input of water into the reservoirs and the increasing abstraction of water, water levels will keep declining exponentially, creating a huge problem (Tonner). Temperature problems do not end there, because rising sea levels have been occurring through melting of glaciers in the arctic and Antarctica sub-continents. Increasing water levels serve to push saline water into the underground water supplies, thereby increasing the amount of saline in circulation and decreasing fresh water. With growth in industrialization, enormous environmental challenges present themselves. Waste products from industries are degrading the environment at an alarming rate, with these waste products usually finding their way into fresh water sources and catchments areas. The end result is unusable water and a host of other problems. Industries themselves require enormous amount of water to operate and at the same time their effluents also requires a lot of treatment so that it can be discharged into the water ways without modification of the marine and water ecology in general. Population growth and explosion does not lessen the burden therefore it is bringing more troubles. The number of persons globally is increasing but the sources of fresh water are not increasing thereby exerting great pressures on the existing water sources. Real estate development in general is also a part of the problem, which can be seen in the way many buildings are constructed over water catchments, leaving very little land that can allow percolation of water into the underground aquifer, which encourages the driving of the little available rain water to the ocean in order to avoid flooding. With the advent of these severe climate changes and dry spells, water levels began shrinking at an alarming rate. This alarmed local authorities, leading them to warn the general public to conserve water and use it wisely. In order to make their pleas to be understood by the public, they resorted to the extreme measure of water rationing. When water rationing started, it was a clear warning; it was then that the general public awoke to the reality that a global crisis was at hand (Tonner 6). After looking into all viable options of providing water to many thirsty citizens, the only option that guaranteed a steady supply and cheap means was desalination. This was preferred after looking closely at the cost of infrastructure in terms of pipes and the cost of maintenance of the dams. In the recent times, those centrally placed states that were endowed with large water resources, used to share their water with their unfortunate neighbors in the arid regions of the south west areas. The cost of pumping that water and the maintenance of the complex piping system proved a too much burden to bear and its viability with time almost impossible. The dwindling resources of water also were not showing sustenance of the venture in the long term. All these when combined, were pointing to desalination as the only viable option and that was current with prevailing economic circumstance. The advancement in the technology and its easy implementation has been one of the motivating factors towards its adoption as a major solution to current crisis of water shortage (Tonner). You read "Is Saltwater Desalination the Best Solution to Water Shortages in the United States?" in category "Papers" This process is drought-proof, thereby making it operational all year round, despite the dramatic climatic changes. All that is necessary is availability of sea water and sufficient power to drive the machines that are involved in this process and which usually require a lot of energy (Tonner 11). Participants in this Venture On the fore front of desalination efforts is the UNEP (United Nations Environmental Program) which is involved with maintaining a clean environment. Support of this venture comes from the motivation of providing water to a thirst planet. Since this organization is involved with the environment, it is in the organization’s best interest to make sure that all the technologies that are enacted for use in providing essential services will not lead to the biodegrading of the environment and adding of more problems rather than solving the already existing problems. This institution will be involved in putting down the necessary legislation that will act as the guideline when it comes to issues that are pertinent to the environment and its preservation. Closely following the proceedings and implementation of this program is the Intergovernmental Panel on Climate Change (IPPC) which knows very well the side effects of the climatic change and the need to address the shortage of water around the globe. For the process to gain popularity around the world, IPPC has to do a lot of campaign on the viability of the project and trying to silence the proponents that will argue in the favor of the impacts that the project it would have on the environment and the ecosystem especially the marine ecosystem. Ocean conservancy is another very instrumental organization that has to be consulted in order to give the project a go head as the proposed project would be drawing its raw material (water) from the ocean, the negative impacts on the ecology and marine organisms notwithstanding. At the top of the list of concerns is whether water is a basic human right or it will be turned into an economic resource, only available to those few members of the society who can afford it (Tonner). The program will see the disruption of the normal saline environment for marine organisms which may lead to loss of endemic species that are unique to that area. However big the reward of this proposed project is, the negative impacts on other organisms cannot be overlooked because the reality would soon hit home and would therefore end up in creating a bigger problem than the one that is there. The other organizations involved in this venture fully are the Water Management Boards of respective Counties in the individual states. These boards are at the centre of the storm since they must provide water to the thirsty masses. Innovation comes as the core business of the boards in order to look into neo ways of circumventing the problems bedeviling them (Tonner 7). Resolving the Water Shortage Issue Clearly, as the research has indicated, there is a massive water shortage that will have an increasingly negative effect on the people of the world, especially in light of growing human populations, increased use of water by households and industry, and pollution which is harming the environment and decreasing available water supplies. Therefore, the question of how to resolve the water shortage issue is an increasingly important one to answer. Of course, the water supply on the earth is limited, in both fresh and salt water varieties. Therefore, the focus in stopping water shortages is to simultaneously make as much fresh and salt water available for both industrial and home users, which is possible through a variety of means (Tonner). First, the fresh water that is available on the planet must be conserved, which can be achieved through several different methods. Conservation starts with every home and business water user; simple steps to avoid wasting water in the first place will go a long way in terms of reducing the amount of water that literally goes down the drain every day. This, however, is not enough. In both homes and businesses, it is essential that the equipment that uses water be kept in prime working condition, with broken or inefficient equipment being replaced in favor of equipment that will not waste water. Also, as discussed earlier, there are environmental steps which can be used to prevent the wasting of fresh water, including smart real estate development, the prevention of the pollution of water supplies by individuals and industry, and the like. All of these steps will in fact help to save fresh water supplies to a large extent. Another water supply which has been discussed in this paper is desalinized salt water which can be used for human consumption once it has been properly prepared via the many desalinization plants that are found across the US today. Since there is vast salt water to be found on earth today, if it is properly desalinized, there is a great deal of available water. Once again, however, this must be conserved for the good of the growing society. Preserving the Environment In any case, wherever water comes from, the environment must be protected at all costs, for if there is no planet left for people to enjoy, there is little point in trying to do anything with water, as the human race will not be around to reap the benefits of the water itself. This reflects back to the previous discussion in regard to fresh and salt water supplies; there are in fact ways to be able to provide sufficient water supplies without destroying the environment. This will, of course, require the involvement of international, national, state and local authorities all working together. This is especially important considering the fact that pollution from other parts of the world certainly affects the US, and vice versa. Therefore, the world community must in fact act as a sort of environmental police force so that those who would cause damage to the environment are held accountable, not only for the sake of the planet but also for the sake of the water supplies that are now in the process of being conserved (Tonner). Overall, what is seen in the relationship between a safe environment and clean water supplies is the fact that neither can exist without the other. If people abuse water supplies, the planet will eventually be unable to sustain human life. On the other hand, if the planet is destroyed, water availability immediately becomes a non-issue. As such, this immediately becomes everyone’s problem, and of course, everyone must play a role in the solution of the problem. These solutions are both big and small, but all important just the same. Conclusion Water desalination is the only way out for the water crisis that is facing US and the rest of the world at large. However there are underlying issues that need to be addressed before the implementation of national projects. These issues range from environmental to human health issues. Fundamental questions have to be addressed as to why should our solution to the current water problem lie in the seas and oceans whereas there are waivers that are granted according to the clean water act which allows agriculture to continue polluting our water catchments areas with fertilizers. Before moving our pollution to the ocean, we must address the mess that we have caused on land, as this problem will not go away by itself. The most common excuse that has been circulating around is that cleaning of pollution is very costly and expensive. However this pollution has been caused by man and before handing the mandate of polluting the ocean now to the private sector, first we should deal with the mess on land. How to cite Is Saltwater Desalination the Best Solution to Water Shortages in the United States?, Papers

Facts and Findings to Deal with Corporate Scandal or Collapse

Question: 1. Select ONE Australian company invoived in a corporate scandal or collapse. 2. Identify the parties concerned and the issues in the case/investigation. 3. Explain the facts of the case/investigation and explain the background of the issues. 4. Idendify important issues for the assignment? 5. Identify the law and legal issues regarding the collapse. 6. How was Investigation conducted in this corporate collapse. 7. Whats were the COURT findings. 8. Whats was Asic's findings (If applicable). 9. Was Corporations law successfully able to find the corporate entity or persons liable. 10. Whats measures can be identified to reduce the risk of future corporate entity or persons liable Answer: Introduction With the increase in tough competition within the market, the tendency of using unscrupulous and unethical ways of the people regarding making personal profits and benefits have increased to a huge extent. As a result, this has taken up a new shape thereby hampering the organizations to a huge extent and even leading to corporate collapse or scam (Christensen et al. 2010). Corporate collapse or scandal refers to a major liquidation or bankruptcy of a business due to the involvement of some unethical behavior and conduct of the people working within the company or on the behalf of it. It sometimes involves fraud of accounting and money that leads to the termination of the existence of the organization. It is not an all of a sudden event, rather is a gradual process where the signs of the company getting terminated develop over years (Mire, 2013). In this assignment, collapse of an Australian well renounced company named Centro Retail and Property Trust Group (Centro Group) will be discussed taking into account the causes of this major collapse. In addition to this, the facts that are investigated and analyzed on the basis this case, laws and issues and methods pertaining to the investigation are also discussed along with Court findings and ASIC findings (Gibbons and D' Andrea, 2011). 1) Corporate collapse of Centro Retail and Property Trust Group (Centro Group) In the recent years of modern industrialization, the corporate society of Australia has witnessed a pretty large number of scams and failures of the large corporate bodies. The Centro Properties Group is an Australian Real Estate Investment Trust company that is specialized in having ownerships as well as management of the shopping centers of Australia. The company has its headquarters in Melbourne, Australia and having offices in many parts of Australia. The collapse and the failure of this company when came into the limelight in 2007-2008 sent shockwaves all over the Australian business community (Carnegie and OConnell, 2014). The case was investigated and analyzed thereafter and a handful of management personnel were convicted and imprisoned on the charge of not discharging their duties and responsibilities properly that lead to the downfall of the company (Psaros, 2008). 2) Parties concerned and issues regarding the case/ investigation After the downfall of the company, a thorough investigation was done in order to find out the personnels involved that lead to the downfall of the company. A thorough investigation is done to find out the roles of the auditors, directors and higher authorities that were associated with the downfall and collapse of Centro Group (Kolb, 2010). Eight directors of Centro were found guilty for breaching their duties that lead the company in facing a huge financial loss. According to the results of the investigation, it was found out that the chairman of Centro group, Brian Healey and director Scott were found guilty in breaching their duties as they were unable to disclose the amount of the short term debt of nearly $3 billion in the annual financial report of 2007. The directors need to have stayed more alerted and could have made some relevant enquires regarding the understated financial statements (Alderman et al. 2012). The other higher officials such as Sam Cooper, Mr. Scott, Coles Myre, Jim Hall and Mr. Nenna had to give penalty due to not utilizing their powers and experience in understanding the financial situation of the company. Some of them were either disqualified from the position of the director or were penalized and others were declared contravened with no penalty (Malinovskii, 2014). These higher officials were charged for neglecting and failing to take the responsibility and strong steps for the wrong financial statements. The fall of Centro Group had a bad affect on the employees, shareholders, creditors and other associated with this company. 3) Facts of the case/ investigation and background of the issues The case of the scam of Centro Group has been investigated and facts regarding the scam have come into limelight. According to Stojkovic (2013) the errors in the accounts of Centro Group and the negligence of the directors in signing off the misstated financial statements was the major reason that lead to a major collapse or scam of the Centro Group. It was found out that the directors of Centro Group breached their responsibilities and duties while performing as directors under the Corporation Act 2001. The directors failed to read as well as understand the accounting and financial statements of the company and didnt apply any kind of knowledge and experience in reviewing the financial statements. They totally relied on the audit committee members and didnt bother to go through the financial reports and didnt exercise their powers for further investigation on knowing the financial position of the company. It was also investigated and found out that there were several errors in the a ccounts especially in the interest bearing liabilities which were shown in the accounting statement as liabilities having non-current bearing of any interest (Gibbons and D' Andrea, 2011). In addition to this, the case was further investigated for finding out the further facts and issues related to the case study. It was found out that 8 of the directors consisting of the CEO, CFO and seven other non executive directors were found guilty regarding the case of Centro Group (Wyburn, 2010). The case evolved due to the irresponsible attitudes of the directors in relation to false financial reporting. The failures also happened due to disclosure of certain guarantees that entered after the balance date. 4) Important issues for the assignment This assignment deals with the investigation and analysis of the collapse of Centro Group. The important issues of this assignment are finding out the reasons that lead to the collapse of Centro Group. In addition to this, the ASICs findings and Court findings will be further discussed regarding their investigations and verdict for this case (Mire, 2013). The failure of reviewing the financial statements by the directors and executives of the company lead to the collapse of the company. The issue arises due to the negligence and misusing the power of the directors and executives for investigating the financial position of the company. 5) Laws and legal issues regarding the corporate collapse The Centro Group collapsed due to failure since the directors failed to understand their powers in understanding the errors that were present in the accounting statements of the company. According to the law, each of the directors should have the acknowledgement about the current liabilities that bears interest as well as of the guarantees (Christensen et al. 2010). They also should be aware of the accounting principles that could have alerted the directors of the apparent error that as in the financial statements. They could have enquired and investigated the errors in the financial statements which they failed to do. This shows that not only they breached the laws of Corporation Act 2001, but also didnt utilize their powers and rights properly. According to section 344 of the Corporations Act 2001, the directors need to take the steps for securing the compliances with the obligations regarding the financial reporting. In addition, according to section 180(1), the directors of the company need to act with diligence and care in handling the financial statement of the company (Eyers, 2011). 6) Method followed in the investigation conducted in this corporate collapse After the collapse of Centro Group, the case was properly investigated and analyzed before drawing conclusions from it. ASIC was appointed for further investigating the causes of the corporate collapse of Centro Group. The time, place, space and the characters involved for the collapse and downfall of the company are identified. Data and information were collected from these personnel and situation that helped in the time of investigation. The directors and executives were questioned against their negligence they showed while signing off the financial statements while reviewing it thoroughly (Psaros, 2008). The directors though had higher degrees in financial literacy failed to use their expertise and knowledge in understanding the errors in the financial statements. The directors were found guilty of staying unaware of the companys financial position and totally relying on the audit committee of the company while signing off the error filled financial statement of the company. 7) COURT Findings The judgment of Justice Middleton included the following explanation, findings as well as conclusions regarding this case of Centro Collapse Group. According to the judgment of the court the directors of the company are all intelligent, consistent as well as experienced who were honest throughout and didnt adopt any unethical ways that lead to the downfall of the company (Wyburn, 2010). The directors were only aware of the liabilities that are bearing the current interest but if they were aware of the accounting principles, they could have become more alerted to the error in the financial statements. The directors at that time could have made necessary enquires to the management board, audit committee members and other directors which they failed in adopting the reasonable steps. In addition to this, the information that was not disclosed in the financial statements on the statues of the liabilities was important for assessing the risks. According to the Court findings, this important matter was either not known to the directors or if known, they could have analyzed it. The directors if had understood the significance of their duties and had read and used their brains in the financial statements, they could have questioned about the things that are not clearly mentioned in the financial statements. On the basis of the court findings, the directors didnt exercise their responsibility according to section 295 (4) to see whether the financial statements are consistent or not for judging the financial position of the company (Stojkovic, 2013). It is the responsibility of the directors to call up the auditors and accountants for further enquiry of any matter relevant to the financial statements which the directors failed to do. 8) ASICs findings ASIC is Australian Securities and Investments Commission that was given responsibility for investigating and analyzing the case of collapse of Centro Group. The major role played by ASIC was to exercise its powers for nailing down the directors of Centro Group for not carrying out their legal duties and responsibilities properly. According to the ASICs findings, the entire board of Centro Properties Group has breached their duties on approving the accounts that gave a false statement about the short term liabilities. It was a major finding of ASIC that there was an error of nearly $1.1 billion that arose due to misinterpretation of the short term debt. This resulted in suing of the former chief executive, Andrew Scoot, former chairman of Centro Group, Brian Healey and Paul Cooper, the current chairperson of the group by ASIC (Eyers, 2011). In addition to this, the other members such as Sam Kavourakis, former head of auditing committee, Jim Hall, the non current executive director and Peter Wilkinson and Graham Goldie who were also the former non executive directors were sued by ASIC for the collapse of Centro Group. Moreover, Romano Nenna who was the former finance director of Centro Group accepted some of the allegations that ASIC has charged on him. It was found out by ASIC that the accounts of 2006 2007 didnt disclose anything about the US dollar liabilities amounted nearly $1.75 billion that was guaranteed by Centro Group for an US based company. In addition to this, it was also found out that in late 2007, when the company was facing hardships in refinancing the bank debts, the prices of the shares of the company plunged. And in early 2008, the company revealed the fact that it had understated the short term liabilities of the company that amounted nearly $3 billion. On the basis of the findings of ASIC, the dire ctors of Centro Group failed to maintain the standard of care that was expected from the participants of the boardroom (Alderman et al. 2012). 9) Success of the Corporations Law in finding the corporate entity or persons liable After a thorough investigation regarding the collapse of the Centro Group, it was found out by the Federal Court that the executives and directors of Centro Group had broken the Corporations Act. The directors and executives of the Centro Group had signed off the financial reports that were unsuccessful in disclosing billion of dollars of the short term debts. The board members of Centro didnt take any fruitful steps and were not careful for carrying out their duties efficiently and effectively under the Corporations Act 2001 and thereby made mistake in approving the misstated fiscal reports of the company during 2007 (Carnegie and OConnell, 2014). It was commented in the court that the board members as well the audit committee members of the company were sleeping at the wheels and the court need to take decisions that will have hard consequences against the board members and executives. The corporate entities were highly financially educated and Scoot and Coles Myer had extensive experience in debt structuring ad property structuring. The other board members such as Sam Kavourakis, Jim hall, Paul cooper were holding the most prestigious positions in the company and had enough experience in the financial business. Still, the company was collapsed due to their negligence in overlooking the misstated financial statements (Mire, 2013). In spite of having enough knowledge in the financial world, the directors were totally relying on the advice that their well experienced and well paid auditors were giving them regarding the financial position of the company. The directors could have used their experience and knowledge for further investigating the financial situation of the company. From this, it is seen clearly that the Corporations laws were breached at every step which lead to the corporate collapse of Centro Group. 10) Recommendations regarding the reduction of future corporate collapse In future in order to prevent these kinds of corporate collapses, certain recommendations can be made for it. The directors and the executives of the companies need to be alert rather than totally relying on the audit committees and their financial statements. Since the executives and higher official are much more financially educated and experience they need to exercise their powers in cross checking the financial statements of the company related to the financial position. In addition to this, the directors and executives must use their power for further investigating the financial statements of the company. Moreover they also need to be careful in signing off the financial reports after going through it vividly scrutinizing every point in it. Conclusion This assignment has discussed about the facts and findings that dealt with the corporate collapse of Centro Group. The executives and directors were found guilty for not exercising their powers in a right way and were also found careless in signing off the financial statements without going through it properly. In addition to this, the procedure that was followed in this investigation is discussed along with ASIC findings and the Court findings regarding the Centro Group collapse. The effectiveness of Corporation Laws was also elaborately discussed regarding the violations of it by the corporate entities. Some possible recommendations are also discussed at the end of assignment for preventing or avoiding such kind of collapses. Reference Books Kolb, R. (2010) Lessons from the financial crisis, Hoboken, N.J.: Wiley Psaros, J. (2008)Australian corporate governance, Frenchs Forest, N.S.W.: Pearson Education Journals Carnegie, G. and OConnell, B. (2014) A longitudinal study of the interplay of corporate collapse, accounting failure and governance change in Australia: Early 1890s to early 2000s,Critical Perspectives on Accounting, 25(6), pp.446-468 Christensen, J., Kent, P. and Stewart, J. (2010) Corporate Governance and Company Performance in Australia, Australian Accounting Review, 20(4), pp.372-386 Malinovskii, V. (2014) Annual intrinsic value of a company in a competitive insurance market,Insurance: Mathematics and Economics, 55, pp.310-318 Mire, S. 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