Shipton Fails To Provide Defence

Former ASIC Chairman James Shipton has failed to file a defence in the Federal Court of Australia matter brought by Clive Palmer, it has been revealed.

Today, Mr Palmer accused Mr Shipton of being highly disrespectful to the Federal Court by not filing his defence by the court-specified date of July 5.

Mr Palmer has now filed an application for default judgement in the same proceedings.

"He is treating the court with contempt in relation to these proceedings," Mr Palmer said.

"My interpretation of such inaction is that he has no defence and is guilty.

"This is no surprise considering the revelations we are hearing from Senate questions about the organisation he ran."

In June, Mr Palmer launched legal action in the Federal Court of Australia against James Shipton for misfeasance in public office while he was Chairman of ASIC.

"James Shipton, while serving as ASIC Chairman clearly acted beyond his authority and acted untruthfully.

"It is clear that Mr Shipton had acted in excess of his power in a manner intended to cause me harm.

"James Shipton presided over a disastrous ASIC administration that failed to carry out its function as corporate regulator, and eventually resigned in disgrace while being investigated for receiving personal tax advice paid for by the Australian taxpayer.

"His actions have been a disgrace," Mr Palmer said.