Former HIH directors Rodney Adler and Ray Williams have launched their appeals against the recent NSW Supreme Court finding that they had breached Corporations Law. In May, Mr Adler was banned from being a company director for 20 years, fined $900,000 and made to pay $5.3 million in compensation. Mr Williams was fined $250,000 and banned from being a director for 10 years.

The court’s finding was based on the pair’s involvement in a $10 million payment by an HIH subsidiary to Pacific Eagle Equities – a company controlled by Mr Adler.

Mr Adler’s lawyers are seeking to extend the existing stay on the court’s banning orders. The stay allowed Mr Adler to remain a director of Adler Corporation but expired on September 9. The appeal hearing will commence next March.