Collapsed software company GetSwift has been ordered to pay a $15 million fine and its directors have been slapped with long bans, with a damning Federal Court decision describing the failed company as the “unacceptable face of start-up capitalism”.
GetSwift was found guilty in late 2021 of contravening continuous disclosure rules 22 times, along with contravening misleading and deceptive conduct laws on 40 occasions. “Indeed, such evidence as there is points in the opposite direction. That Mr Macdonald feels a ‘level of peace’ is not only cold comfort to those that have suffered loss, but also reflects a troubling and defiant lack of insight into the scale and seriousness of the wrongdoing set out in excruciating detail in the [court ruling].”
“Bane Hunter ... has not returned to Australia to defend his position and did not appear at the penalty hearing,” Justice Lee said.
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