Minus, in the matter of ABCD Corporation Pty Ltd

Derek Michael Minus applied to the Federal Court of Australia for leave to manage four proprietary companies in which he held significant shareholdings, namely ABCD Corporation Pty Ltd, APLUS Pty Ltd, Dispute Resolution Associates Pty Ltd, and Mediation & Arbitration Centre Pty Ltd. Minus, who had been declared bankrupt, sought the court's permission to manage these companies under section 206G of the Corporations Act 2001. The primary concern of the court was whether granting such leave would protect the public interest, particularly in light of Minus's financial incapacity.

The court had to determine whether granting leave to Minus to manage the companies would be in the public interest, considering his status as a bankrupt and his history of corporate involvement. The judge considered whether Minus had shown a pattern of corporate mismanagement and whether his involvement in the management of these companies would pose a risk to the public or the companies themselves. Given that the companies were family-owned and there was no prior history of mismanagement by Minus, the court found that granting leave would not jeopardise the public interest.

After considering the evidence and the arguments presented, the court concluded that granting leave to Minus to manage the companies was in the public interest. The court noted that the companies were family-owned, and there was no evidence of any mismanagement by Minus in the past. Consequently, the court granted the application, subject to a condition that ABCD Corporation Pty Ltd did not engage in any trading activities other than as trustee of the Minasian Superannuation Fund. The court made no order as to costs.