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ASIC Disqualifies Directors Of Failed Companies

ASIC Disqualifies Four Company Directors Of Failed Companies - The Law Jobs and Legal NewsWire
The Australian Securities and Investments Commission (ASIC) has disqualified five directors in November from managing corporations following their involvement in failed companies.

Mr Alan Macaulay Dick

ASIC has disqualified transport operator, Mr Alan Macaulay Dick, of Kirribilli, New South Wales, from managing corporations for three years.

Mr Dick’s disqualification follows an ASIC investigation into his role in three failed companies, Lane Moving Services Pty Ltd, Australian International Moving Services Pty Ltd and Macaulay Trucking Australia Pty Ltd.

ASIC’s investigation found all three companies failed owing significant debts to the Australian Taxation Office (ATO) and that Mr Dick failed to ensure that Lane Moving Services and Australian International Moving Services maintained proper books and records.

Mr Donald Allan Pownceby

ASIC has disqualified property developer, Mr Donald Allan Pownceby, of Hawthorn East, Victoria, from managing corporations for the maximum period of five years.
Mr Pownceby’s disqualification follows an ASIC investigation into his role in three failed companies, Toorak Rd Properties Pty Ltd, 566 St Kilda Rd Pty Ltd and Katalina Park Pastoral Pty Ltd.

ASIC’s investigation found that Mr Pownceby failed to assist the liquidators of the companies and also that he had used his position as a director of Toorak Rd Properties to have that company obtain a loan to pay debts owed by other companies of which he was a director.

ASIC further found that Mr Pownceby disregarded his duties as a director of each company by failing to put in place controls to ensure the companies’ financial and accounting obligations were met.

Mr Vincent Frank Fiorenza

ASIC has disqualified retailer and employment service operator, Mr Vincent Frank Fiorenza, of Condell Park, New South Wales, from managing corporations for three years.
Mr Fiorenza’s disqualification follows an ASIC investigation into his role in two failed companies, NSW Employment Services Pty Ltd and ACN 095 892 998 Pty Ltd (formerly Allwood Bathrooms Pty Ltd).

ASIC’s investigation found that NSW Employment Services failed owing statutory debts to the ATO and that both companies failed to pay workers’ compensation premiums. ASIC also found

that Mr Fiorenza failed to ensure that both companies maintained proper books and records and that he failed to assist the liquidators of both companies.

Mr Brent Warren Young

ASIC has disqualified wholesaler, Mr Brent Warren Young, of Bonogin, Queensland, from managing corporations for one-and-a-half-years.

Mr Young’s disqualification follows an ASIC investigation into his role in relation to three failed companies, Pacific Wholesale & Distribution Pty Ltd, Pointlane Pty Ltd and Bridge Wholesale & Distribution Pty Ltd.

ASIC’s investigation found in relation to Pacific Wholesale & Distribution that Mr Young failed to lodge company taxation returns and Business Activity Statements with the ATO, that he managed the company while disqualified from doing so due to bankruptcy, and that he failed to ensure that the company maintained proper books and records.

ASIC also found that Mr Young failed to assist the liquidator of Pointlane and that he failed to exercise adequate financial control over Bridge Wholesale & Distribution.

The above disqualified persons have the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.

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