User:Avenger99

Mr Robert William Ives

Director of several companies operating under the generic title “ Novara Furniture“ in Melbourne Australia generally characterised as companies of limited trading life generally ending in insolvency. The Australian Securities and Investment Commission (ASIC) disqualified furniture manufacturer, Mr Robert William Ives, of Mooroolbark, Victoria, from managing corporations for three years as from March 2008.For further information in relation to Phoenix companies referred to Novara Furniture and Phoenix Company elsewhere in Wikipedia.

Mr Ives’ disqualification follows an ASIC investigation into his role in two failed companies, Novara Furniture Pty Ltd and Novara Furniture (Aust) Pty Ltd. ASIC’s investigation found that both companies failed owing money to the ATO and that Mr Ives improperly used his position for his own benefit or the benefit of others by transferring assets of the companies to a new entity. This transfer enabled the new entity to continue trading in what is known as a phoenix arrangement.

Robert Ives is referenced as the third defendant Gillespie & Anor v Novara Furniture (Aust) Pty Ltd (in liq) & Ors [2010] VSC 103 together with his wife Frances Ives (sixth (sixth defendant) in the Supreme Court of Victoria Commercial and Equity Decision in a judgement handed down by Hanson J on 31 March 2010. In the judgement in clause 293 Justice Hansen reached the following conclusion on equitable compensation.

“In short the defendants chose to run a hopeless case. Worst of all, it appears that they did not pay for it out of their own pockets, but rather used funds borrowed against an asset the effect of which was to reduce to nothing the value of the very shares to which the plaintiffs were always entitled. It follows that the plaintiffs are entitled to equitable compensation to place in a position as close as possible to where they would have been if Mr. and Mrs Ives had not committed the equitable wrongs referred to above.”