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A judge has found that a plan by last mile logistics software company GetSwift to relocate to Canada in the midst of ongoing civil litigation would not "disproportionately prejudice" ASIC, which is seeking penalties against the company.
A judge has indicated she will approve GetSwift's plans to relocate to Canada, despite concerns raised by ASIC, but will wait until the company has received approval from the Foreign Investment Review Board.
Logistics software company GetSwift has tried to assure the Federal Court that an attempt to relocate to Canada is not for the purpose of avoiding pecuniary penalties and damages in civil proceedings brought by ASIC and a $50 million shareholder class action.
Treasurer Josh Frydenberg has indicated the government may oppose GetSwift's bid to relocate to Canada while it's facing a $50 million shareholder class action and ASIC enforcement proceedings, a move which a judge recently described as "not a good look".
A judge has said she was “currently minded” to sign off on a scheme of arrangement that would see last-mile logistics software firm GetSwift relocate to Canada, but has sought further submissions on whether any Australian civil penalties sought against the company by ASIC would be enforceable in the Canadian courts.
A judge said Friday that a bid by last-mile logistics software firm GetSwift to relocate to Canada as it faces a potential $20 million civil penalty from ASIC and a $50 million class action was "not a good look".
The Federal Court has ordered former Tennis Australia director Harold Mitchell to pay a $90,000 penalty after a "narrow" win for ASIC in its case over the domestic broadcast rights to the Australian Open.
Software company LiveTiles will pay $8.445 million to settle litigation brought by Microsoft solutions provider nSynergy's founder Keith Redenbach against his brother, LiveTiles CEO Karl Redenbach, alleging he diverted tens of millions of dollars in nSynergy's assets, including LiveTiles.
Real estate investment giant Cromwell Property Group will not get the court's help in pursuing a case of "unlawful association" against its largest shareholder, Singapore-based ARA Group, which has made a $518 million hostile takeover bid, and the family of Chinese billionaire Gordon Tang.
AIG has settled a lawsuit brought by Kaboko Mining against several former directors alleging they failed to exploit commercial opportunities, after the insurer failed to convince an appeals court that an insolvency exclusion in the company's D&O policy should exempt it from covering the claims.