There are a number of legal duties owed by Directors and Officers of the Company both from the general law and as statutory duties. Sections 180-183 of the Corporations Act are important and can lead to civil penalties being imposed. However, the worst cases are reserved for section 184 and can lead to criminal penalties including imprisonment.

Required:

Explain the prosecutions brought by ASIC against Ray Williams, Rodney Adler and Dominic Fodera in relation to their duties to HIH Insurance Ltd,

Your answer must include the facts that gave rise to the dispute, the legal arguments involved and an explanation as to why ASIC brought criminal prosecutions. You should also briefly explain what was the decision of the court..