Source: Pexels/Oleg Magni.
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A Ballarat accounting firm, one of its directors, and an associated business have been ordered to pay $26 million in damages to former accounting clients after pursuing a business opportunity under consideration by those same clients.
In 2021, Supreme Court of Victoria Justice Jim Delany found Mulcahy & Co, director James Mulcahy, and BFMM Investments Pty Ltd, the company described as James Mulcahy’s corporate “alter ego”, had violated the trust of former clients considering the purchase of truck body fabricator in 2017.
The court found Mulcahy then formed a company, along with others, to buy a stake in the same body fabricating business.
ABOUT THE AUTHOR
Senior Business Journalist
David Adams is a senior business journalist at SmartCompany. He is interested in the challenges and opportunities facing Australian businesses, along with the influences of technology, culture, and a changing climate. Before SmartCompany, David served as a reporter for Business Insider Australia. You can find him on Twitter at @DavidAdams_AU.
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