Australia · Federal Court of Australia in ASIC civil penalty proceedings

Bane Hunter: director ban

In force The Federal Court made the 15 year order in its penalty judgment of 16 February 2023, announced by ASIC on 17 February 2023. The orders state no commencement date and no stay. No appeal was found by 28 October 2026.

Grounds

ASIC said the Federal Court found in November 2021 that GetSwift committed 22 continuous disclosure breaches between February and December 2017 and that Bane Hunter, its former director, chief executive and executive chairman, was involved. ASIC said Justice Lee found he "had a laser-like focus on making money for himself and Mr Macdonald". The Court imposed a penalty of 2 million dollars.^1,3

Companies

GetSwift Limited

Record

• February 2019ASIC began civil penalty proceedings against GetSwift, Hunter and Macdonald.¹
• November 2021The Federal Court made liability findings on 22 continuous disclosure breaches.¹
• 16 February 2023Justice Lee ordered under sections 206C and 206E of the Corporations Act 2001 that Bane Hunter be disqualified from managing corporations for 15 years and pay a pecuniary penalty of 2,000,000 dollars.³
• 17 February 2023ASIC announced a 15 year disqualification and a 2 million dollar penalty, reported the same day by Accountants Daily.^1,2

Sources

1. Australian Securities and Investments Commission, Federal Court sanctions GetSwift with record continuous disclosure penalty (23-029MR) (17 February 2023)
2. Accountants Daily, Former GetSwift directors hit with millions in fines (17 February 2023)
3. Federal Court of Australia, Australian Securities and Investments Commission v GetSwift Limited (Penalty Hearing) [2023] FCA 100 (16 February 2023)

A disqualification restricts acting as a company director for the period stated. It is a civil measure and is not a criminal conviction unless stated. How bans work.