Australia ยท Supreme Court of New South Wales in ASIC civil penalty proceedings
Ray Williams: director ban
Ended Justice Santow ordered the 10 year ban in March 2002 and it was upheld on appeal. The end month of March 2012 is calculated from that order and length, no official end date was found. On that calculation the ban has run.
Typecourt disqualification order
Length10 years
StartMarch 2002
EndMarch 2012
Grounds
ASIC said Justice Santow found in March 2002 that Williams breached directors' duties in connection with the 10 million dollar HIH payment to Pacific Eagle Equities, and his appeal on the breach findings was dismissed.1
Companies
HIH Insurance (HIH Casualty and General Insurance Limited)
Record
- Justice Santow banned Williams for 10 years and ordered a 250,000 dollar penalty.1
- ASIC release 03-217 announced the NSW Court of Appeal upheld the ban, penalty and compensation.1
Sources
- Australian Securities and Investments Commission, 03-217 Court upholds penalties against HIH directors (18 February 2005)
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.