Dessmann, in the matter of Dessmann [2023] FCA 1019

Dessmann, in the matter of Dessmann [2023] FCA 1019

The Court was not satisfied that making the order sought would result in prudent management and compliance with obligations under the SIS Act, given evidence of poor fund management, lack of statutory audits, unclear asset status, ongoing regulatory audit, undischarged bankruptcy, and inability to address concerns through proposed actions.

Parties
Applicant: Peter Patrick Dessmann; Current Trustee Company: Alexandria Pty Ltd
Jurisdiction
Australia
Judgment Date
28 August 2023
Procedural Posture
Application Under Superannuation Industry (supervision) Act 1993 (cth) S 126 J(1)(b) / Judgment
Outcome
application refused
Legal Topics
Self Managed Superannuation Fund Trustee Eligibility, Disqualification Under Superannuation Industry (supervision) Act, Application for Exception to Disqualification of Undischarged Bankrupt, Compliance With Superannuation Regulatory System
Superannuation Bankruptcy Corporations Self Managed Superannuation Fund Trustee Eligibility Disqualification Under Superannuation Industry (supervision) Act Application for Exception to Disqualification of Undischarged Bankrupt Compliance With Superannuation Regulatory System

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Parties

Peter Patrick Dessmann

Applicant

Alexandria Pty Ltd

Current Trustee Company

Procedural Posture

Application Under Superannuation Industry (supervision) Act 1993 (cth) S 126 J(1)(b) / Judgment

Legal Issues

  1. 1 Whether the applicant, an undischarged bankrupt, should not be treated as a disqualified person under s 126J(1)(b) of the Superannuation Industry (Supervision) Act 1993 (Cth) and be eligible to be appointed trustee of a self-managed superannuation fund

Ratio Decidendi

The Court was not satisfied that making the order sought would result in prudent management and compliance with obligations under the SIS Act, given evidence of poor fund management, lack of statutory audits, unclear asset status, ongoing regulatory audit, undischarged bankruptcy, and inability to address concerns through proposed actions.

Court Disposition

application refused

Orders

  • The application be refused.