On 6 November 2024, the Federal Court dismissed the Australian
Securities and Investments Commission’s (ASIC)
case against Paul Ryan, a director of Dixon Advisory &
Superannuation Services Pty Limited (DASS). The
case alleged that Mr Ryan had breached his directors’ duties by
failing to consider the interests of DASS’ creditors when the
company was approaching insolvency.
The findings from this case demonstrate that a director who acts
in good faith, reasonably relies on professional advice, and
independently assesses the assumptions behind that advice may be
able to successfully defend against claims of breaching their
duties as a director when making decisions when facing a potential
insolvency.
