The Federal Court has dismissed ASIC's case against Paul Ryan, director of Dixon Advisory & Superannuation Services Pty Limited, for alleged breaches of directors' duties.
ASIC alleged Mr Ryan breached his duties as a director by his involvement in decisions made at a time when Dixon Advisory was approaching insolvency. ASIC alleged those decisions were to the advantage of Dixon Advisory's holding company, E&P Operations Pty Ltd (of which Mr Ryan was a director), and he failed to properly consider the interests of Dixon Advisory's creditors.
ASIC Deputy Chair Sarah Court said, 'We took this case because directors have responsibilities under the law to act in the best interests of their company, and this includes considering the interests of creditors when the company is facing insolvency.
'ASIC remains committed to taking enforcement action where appropriate and expects directors to meet their governance obligations, including where they serve on the boards of multiple companies in a corporate group.'
ASIC is considering the judgment.
