UNDERSTANDING COMPANY LAW, 14th Edition incorporates several developments that have occurred since the publication of the last edition. The most significant are legislative reforms introduced by the Corporations Legislation Amendment (Simpler Regulatory System) Act 2007 (Cth) and the Corporations Amendment (Insolvency) Act 2007 (Cth). The 2007 insolvency reforms contain a range of measures intended to simplify and streamline Australia's corporate and financial services laws and aim to reduce regulatory burdens and compliance costs. There are a large number of recommendations of law reform reviews and inquiries to strengthen creditor protections; deter misconduct by company officers; improve the regulation of insolvency practitioners; and fine-tune voluntary administration. In addition, the Corporations Amendment (Takeovers) Act 2007 (Cth) implements provisions designed to clarify the powers and jurisdiction of the Takeovers Panel, to allow it to effectively act as the primary forum for resolving disputes during takeover bid periods. Noteworthy cases in this edition include the High Court decision Sons of Gwalia Ltd v Margaretic [2007] HCA 1 and commentary has been included on other developments, such as the release of the ASX Corporate Governance Council's Corporate Governance Principles and Recommendations (2nd edition) and various reports and discussion papers. UNDERSTANDING COMPANY LAW is renowned for providing students and lecturers with clear and logical commentary on current legislation and cases in the ever-evolving area of Australian company law - this edition will ensure its reputation as a leading text continues.