The Federal Court has ruled against ASIC in its proceedings against Dixon Advisory director Paul Ryan, ordering the regulator to pay the defendant’s costs.
ASIC commenced civil penalty proceedings against Dixon Advisory director Paul Ryan in the Federal Court in August 2023, with hearings on the matter held in June 2024.
The judgment was delivered on Wednesday morning, with Justice O’Callaghan dismissing ASIC’s case and ordering that it pay Ryan’s costs.
ASIC alleged that Ryan breached his duties as a director by his involvement in decisions, ASIC alleges, were to the advantage of Dixon Advisory’s holding company, E&P Operations, and by failing to properly consider the interests of Dixon Advisory’s creditors. He was…