Justice Stephen Gageler

The High Court has granted special leave to mortgage aggregator Connective in a dispute between the firm’s founder and major shareholders over a transfer of one-third of the company’s shares, in a case that could clarify whether litigation should be considered a prohibited form of financial assistance under the Corporations Act.

The Australian Securities & Investments Commission has largely prevailed on appeal to the High Court in its case against former directors of collapsed retirement village owner Prime Trust, including former federal health minister Michael Wooldridge.