Trinick as Liquidator of Forgione Family Group Pty Ltd (in liq), in the matter of Forgione Family Group Pty Ltd (in liq) v Forgione [2015] FCA 642

FEDERAL COURT OF AUSTRALIA

Trinick as Liquidator of Forgione Family Group Pty Ltd (in liq), in the matter of Forgione Family Group Pty Ltd (in liq) v Forgione [2015] FCA 642 Citation: Trinick as Liquidator of Forgione Family Group Pty Ltd (in liq), in the matter of Forgione Family Group Pty Ltd (in liq) v Forgione [2015] FCA 642

Parties: GLEN DOUGLAS TRINICK AS LIQUIDATOR OF FORGIONE FAMILY GROUP PTY LTD (ACN 009 363 464) (IN LIQUIDATION) v PASQUALE FORGIONE and FRANCESCO FORGIONE

File number(s): WAD 86 of 2009

Judge(s): SIOPIS J

Date of judgment: 26 June 2015

Catchwords: CORPORATIONS – insolvent trading – directors' liability for insolvent trading - whether a company has failed to retain financial records for seven (7) years – financial records of company lost while in possession of a former director – whether a company is presumed to be insolvent by reason of failure to retain financial records – proper construction of s 286 and s 588E of the Corporations Act 2001 (Cth) – whether company was insolvent – whether there were reasonable grounds to suspect company was insolvent – whether the directors failed to prevent a company from incurring debts – whether the directors could rely upon defences under s 588H(2) and s 588H(3) of the Corporations Act – whether company's accountant was a person responsible for providing directors with adequate information about the solvency of company – whether director acted honestly and ought fairly to be excused for the contravention of s 588G of the Corporations Act – whether there should be an inquiry under s 536 of the Corporations Act into the conduct of the liquidators.