The former chief financial officer of Murray Goulburn has asked a judge to relieve him from any disqualification order sought by the corporate watchdog in its case over his alleged role in the milk supplier’s continuous disclosure breaches, saying he is already the subject of orders that ban him from the dairy industry.
The High Court of Australia has resolved a nearly 40-year old question of whether employees of a failed company established as trustee of a trading trust have priority over ordinary unsecured creditors.
The High Court has granted ASIC special leave to appeal a judgment that let a former director of Gold Coast finance company MFS Group partially off the hook for $147.5 million in misappropriated funds, after ASIC argued the High Court should intervene to clarify the scope of the word “officer” under the Corporations Act.
Majority shareholders in MWL Financial have won court approval to bring a derivative suit against US-based Focus Financial Partners over an acquisition gone sour.