The case of Australian Motor Finance Limited (Receivers and Mangers appointed) v Angeleri (No 3) involved an action against three directors that had breached their duties to two companies.
Both companies alleged that Angeleri, Brindley and O’Brien breached their duties as directors resulting in significant loss and damage to the companies.
The Court held that they had acted dishonestly in their capacities as directors in an effort to obtain large sums of money which could be used for their personal benefit.
The companies were liable for claims they were unable to meet and subsequently became insolvent.
The directors were ordered to pay compensation for the damage suffered as a result of their contraventions in the sum of $4,837,314.94.