Is this referral affecting your impartiality? Federal Court backs ASIC in Walton wind-up
By Michael Hughes
In February, we reported on the decision of Justice Davies in the Federal Court of Australia refusing the Australian Securities and Investments Commission’s (ASIC’s) application to remove liquidators appointed to two companies, after the voluntary administration had been referred to them by the Mawson Group.
ASIC argued that, given Mawson’s prior involvement in a number of pre-appointment transactions said to amount to Phoenix company activity, and a ‘referral relationship’ they had with the liquidators’ firm, there was a reasonable apprehension of bias sufficient to warrant their removal as liquidators.
ASIC also sought a declaration from the court that the liquidators had breached section 436DA of the act by failing to disclose in their Declaration of Independence, Relevant Relationships and Indemnities (DIRRI) that the pre-administration transactions involving Mawson may need to be investigated by the liquidators…
Click on the link below to read the rest of the Minter Ellison briefing.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Minter Ellison
News from The Lawyer
Briefings from Minter Ellison
The ASX has amended its operating rules to enhance disclosure requirements and facilitate the expansion of exchange traded funds.
Government to crack down on multinationals and profit-shifting, while encouraging small enterprises.