Stanisis progresses Tracc action

Former Tracc director Nick Stanisis has won a legal bid to pursue two of his ex-colleagues on behalf of the company over a $91,000 deal the pair allegedly struck with their own software firm Cirrus8.

Mr Stanisis launched an 11th-hour Supreme Court action against Tracc directors Raymond Bechard and Steven Carulli in February over the 2016 deal they allegedly struck with Cirrus8, a company they both founded.

He sought urgent leave to pursue the action, which would have otherwise been prevented by a six-year statute of limitations.

The prominent Perth property manager served as a director of Tracc up until 2015, when his relationship with the two directors soured.

The following year, Mr Stanisis claims the two handed over the intellectual property rights to Tracc’s home-grown accounting software to Cirrus8 for $91,573, an amount the pair deemed “book value”.

But Mr Stanisis claims Mr Bechard and Mr Carulli have failed to explain how they arrived at that value and the need for what he deemed “very generous” payment terms, which allowed CIR8 to pay over 12 monthly installments.

He claims the deal provided no commercial benefit to Tracc and is now chasing the pair for damages and compensation.

Mr Stanisis told the court Mr Bechard and Mr Carulli failed to exercise due care in executing the deal and used their position to gain advantage for themselves to Tracc’s detriment.

In a decision handed down by the Supreme Court, Justice Craig Sanderson gave Mr Stanisis the green light to spearhead the action on behalf of Tracc under a ‘derivative action’ clause in the Corporations Act, which allows aggrieved shareholders to sue on behalf of the company.

But that case has been put on hold while the court deals with the second legal action, in which Mr Stanisis is pushing for his former colleagues to buy him out of the company.