Suzannah Hewson

Sep 21, 2023 | lexology.com | Priscilla Bryans |Andrew Eastwood |Bianca Marcocci |Charles Pitney |Suzannah Hewson

The Australian Securities and Investments Commission (ASIC) has failed in its action against the former CEO & Managing Director of Quintis Limited (Quintis) for alleged breaches of section 180 of the Corporations Act (the duty to act with care and diligence). Following a four-week trial, the Federal Court of Australia ruled that Mr Frank Wilson did not breach his duty despite failing to disclose the termination of material customer contracts to the Quintis Board and the ASX.