The negative cash flow aspects of this venture accelerated the rate of decline of HIH and directly led to the liquidation of the company. BREACH OF THE LAW Judge Owen found that specific incidents could have constituted a breach of the law. The HIH Royal Commission had cited 56 possible breaches of the Corporations Act or Crimes Act, split evenly between civil and criminal offences, and recommended that the Director of Public Prosecutions or the Australian Securities and Investments Commission consider bringing charges. MORALITY, ETHICS AND INTEGRITY Those who participate in the direction and management of public companies, as well as their professional advisors, must identify and examine what they consider the basic moral foundation of their value system. They must then apply these principles in the decision-making process