ASIC has largely won a landmark case against Melbourne businessman Bill Lewski, former federal health minister Michael Wooldridge and other directors of failed property group Prime Trust, with the High Court ruling the men had breached their duties as directors. The High Court found it “cannot ignore the injustice caused to members by an amendment that permits $33 million of their equity to be paid away without authority”. The Federal Court is to reassess the penalties and disqualification periods for the directors.
In our Newsroom, we share advice, the latest news, financial tips and our case studies. Please enter your email address to receive our monthly news update.