ASIC has launched civil proceedings against Getswift and directors Bane Hunter and Joel MacDonald, which could see both men barred from managing a business.

ASIC has been investigating the company since February 2018 after a Fairfax report alleged the logistics software company had failed to update the market, or their investors, about contract cancellations.

“ASIC alleges that GetSwift made representations in a series of ASX announcements relating to client agreements, between February 2017 and December 2017 that were misleading and that it failed to notify the ASX of material information in relation to these client agreements,” the regulator said.

“ASIC contends that Mr Hunter and Mr MacDonald were either involved in the failure of GetSwift to meet its obligations and failed to discharge their duties to GetSwift with the requisite degree of care and diligence that a reasonable person in their respective positions would exercise.”

Mr Hunter was chairman at the time, and Mr MacDonald was CEO. They switched roles to CEO and president, respectively, in April last year.

ASIC is seeking “declarations that GetSwift, Mr Hunter and Mr MacDonald contravened provisions of the Corporations Act”, penalties from all three, and having the two men barred from running a business for an unspecified period of time.

A court date has been set for March 1.

Getswift was hit by three class actions last year, which in May last year was whittled down to one by the Federal Court.