A judge has appointed a provisional liquidator to a company owned by missing Sydney businesswoman Melissa Caddick, while criticising ASIC for not cooperating with her brother who is seeking to vary asset preservation orders made over his sister’s property.
A judge has found that a plan by last mile logistics software company GetSwift to relocate to Canada in the midst of ongoing civil litigation would not “disproportionately prejudice” ASIC, which is seeking penalties against the company.
A judge has indicated she will approve GetSwift’s plans to relocate to Canada, despite concerns raised by ASIC, but will wait until the company has received approval from the Foreign Investment Review Board.
Logistics software company GetSwift has tried to assure the Federal Court that an attempt to relocate to Canada is not for the purpose of avoiding pecuniary penalties and damages in civil proceedings brought by ASIC and a $50 million shareholder class action.
Treasurer Josh Frydenberg has indicated the government may oppose GetSwift’s bid to relocate to Canada while it’s facing a $50 million shareholder class action and ASIC enforcement proceedings, a move which a judge recently described as “not a good look”.
A judge has said she was “currently minded” to sign off on a scheme of arrangement that would see last-mile logistics software firm GetSwift relocate to Canada, but has sought further submissions on whether any Australian civil penalties sought against the company by ASIC would be enforceable in the Canadian courts.
A judge said Friday that a bid by last-mile logistics software firm GetSwift to relocate to Canada as it faces a potential $20 million civil penalty from ASIC and a $50 million class action was “not a good look”.
Last-mile logistics software firm GetSwift has offered a last minute undertaking that it will be covered for any judgments and penalties in a class action and ASIC case, after a judge expressed concerns about the company’s bid to redomicile to Canada amid the ongoing litigation.
Rideshare giant Uber Technologies has lost a bid to keep its in-house legal team from handing over emails to a class action brought by Australian taxi drivers as well as the company behind the GoCatch taxi app.
Facing an ASIC enforcement action over alleged breaches of Australian credit laws, payday lenders BHF Solutions and Cigno claim they did not need a licence to issue loans to hundreds of thousands of consumers.