The corporate regulator is suing a former director of collapsed wealth firm Dixon Advisory for allegedly failing to properly consider the interests of creditors, including thousands of clients.
The Australian Securities and Investments Commission alleges that Paul Ryan breached his duties as a director when he made decisions the regulator claims advantaged Dixon Advisorys holding company, E&P Operations, over creditors.
Mr Ryan was allegedly involved in a corporate contingency planning project codenamed Project Fork, which ran for a year or more before Dixon Advisory filed for voluntary administration in 2022.
Project Fork, according to Federal Court filings by ASIC, was set up to protect the broader…
Read the full article at: https://www.afr.com/companies/financial-services/asic-sues-former-director-of-dixon-advisory-20230804-p5dty9