Michael Potts (former CEO of Dick Smith) - Case Update

Michael Potts, the former CEO of collapsed electronics retailer Dick Smith, has had his special leave to appeal a $57 million judgment against him revoked by the High Court. Mr Potts was found to have engaged in misleading and deceptive conduct which induced National Australia Bank to enter into a syndicated facility agreement with the company. The Court ruled that Mr Potts’ special leave to appeal the judgment should be revoked, finding that none of the arguments made by Mr Potts raised a question of law of public importance or met any of the other criteria for a grant of special leave to appeal, and that none of Mr Potts' contentions concerning the deficient factual basis for the appeal were made out. Read the decision here.