ASIC's claim against Simon Tickner and Lisa Darcy, former directors of LM Investment Management Ltd (LMIM), has been dismissed by consent.

In 2014, ASIC commenced civil penalty proceedings in the Federal Court of Australia seeking financial penalties and banning orders following the collapse of the Gold Coast-based fund manager against founder Peter Charles Drake and former directors Francene Maree Mulder, Eghard van der Hoven, Simon Jeremy Tickner and Lisa Maree Darcy (See 14-308MR)

The claims against Mr Tickner and Ms Darcy focused on their conduct as directors in signing off a loan to Maddison Estate Pty Ltd, which Mr Drake owned and controlled, in 2011. Proceedings against the other directors focused on both the 2011 transaction and another transaction that occurred in 2012.

The trial commenced on 29 August 2016. On 12 September 2016, after the close of its case, ASIC's claim against the fourth and fifth respondents was dismissed by consent.

The proceeding related to the 2012 transaction continues against Mr Drake, Ms Mulder and Mr van der Hoven and has been adjourned until 23 September 2016 for closing submissions.