Brokerage wind-up case thrown out of court

by Calida Smylie23 May 2014
A nation-wide brokerage which faced a court battle over tax has had its case thrown out of the Federal Court of Victoria.

Rapid Finance was being taken to court by the Australian Tax Office, but court documents show the winding-up application against it was dismissed on 9 May.

The case had originally gone to an initial hearing on 31 March and then 2 May, but both were adjourned as further information was needed.

However, none of the parties wished to go into details of the case.

An ATO spokesperson said due to confidentiality provisions in the Tax Administration Act the ATO cannot comment on any individual's or entity's tax affairs.

Rapid Finance director Michael Cullinan did not return Australian Broker’s calls at time of print and Rapid Finance’s lawyers, Behan Legal, would not comment on the case.

The company has 11 staff throughout offices in Melbourne, Sydney, Brisbane, Perth and Adelaide, according to its website.

It offers residential finance, vehicle, personal and equipment loans, and  insurance.