A Federal Court action alleging asset stripping of failed advertising agency Ambient Rail and of “improper” conduct against industry figure Mark Fishwick has been settled.
The out of court settlement, between Ambient Rail liquidator Brad Tonks and Fishwick, was negotiated after just one day in a hearing which had been expected to run for six days.
The dollar amount involved hasn’t been announced but it is certain to run in the millions.
The settlement didn’t include costs, which have surpassed $1 million.
The Federal Court judge, Justice Markovic: “I congratulate the parties on achieving a settlement.”
The case centred around how a valuable NSW Rail billboard sales agent contract with the then APN Outdoor, now part of JCDecaux, was moved from Ambient Rail to another company, leaving behind trade debts.
Liquidator Tonks launched legal action against Fishwick and Captive Vision, the company which took the contract from Ambient Rail.
Fishwick was alleged to have had a “deliberate strategy to strip it (Ambient) of its assets” and was accused of “improper” conduct as a company director, according to court documents.
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