Wembley-based property services company Tracc is pursuing its own directors for damages over a deal the pair allegedly struck with their own software company, Cirrus8.
Wembley-based property services company Tracc is pursuing its own directors for damages over a deal the pair allegedly struck with their own software company Cirrus8.
According to a writ lodged in the Supreme Court this week, the lawsuit centres around an agreement Tracc claims directors Raymond Bechard and Steven Carulli struck with Cirrus8, a company they founded.
Under the agreement, Tracc’s intellectual property was assigned to a software package known as TraccOnline Property Trust Accounting Software, which was operated by Cirrus8.
In doing so, however, Tracc claims Mr Bechard and Mr Carulli’s failure to exercise due care and diligence and declare their conflict of interest constituted a breach of the Corporations Act.
Further, Tracc claims in the writ the pair improperly used their position as directors to gain advantage for themselves to the detriment of the company, and that Cirrus8 was a willing participant.
Tracc claims it suffered loss and damage as a result of breaches and is now demanding damages, compensation and the coverage of legal costs, as well as any other orders the court deems fit.
With the two men still listed as the company's directors and largest shareholders on ASIC, it is not yet clear who is driving the lawsuit.
The only other shareholder listed is Nick Stanisis.
Business News has contacted Cirrus8 for comment.
Mr Carulli is a prominent Perth director, having served as chair of the WA Building Services Board and a board member of the Perth Children's Hospital Foundation, Perron Group and Stan Perron Charitable Foundation.