The alleged misconduct of the two directors of the failed $120 million Lion Property Group — handed to police in a confidential report — was so serious it alone justified the appointment of liquidators, a court has ruled.
The Victorian Supreme Court has found Lion directors John Sader and Garry Pesochinsky either had “no insight” into the difficulties facing the group, or they had “deliberately avoided facing them” before the court.
Delivering the reasons behind her earlier orders that Lion Group be wound up, Justice Patricia Matthews said, aside from the fact Lion was “acutely insolvent”, she had “no confidence” the group would be “managed appropriately” had Mr Sader and Mr…