Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


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.

© Scoop Media

Business Headlines | Sci-Tech Headlines


Tourism: Employers Welcome Back Working Holidaymakers

Tourism businesses gearing up for the return of Australian visitors from next week will be relieved to learn that they will also have access to an offshore pool of much-needed job candidates, Tourism Industry Aotearoa says. Tourism employers around ... More>>

Commerce Commission: Latest Broadband Report Confirms Improved Performance Of Premium Fibre Plans

The latest report from the Commerce Commission’s Measuring Broadband New Zealand programme shows that the performance of Fibre Max plans has improved substantially. This follows a collaboration between the Commission, its independent testing partner, ... More>>

Air New Zealand: Capital Raise Deferred

Air New Zealand has decided to defer its planned capital raise to later in 2021 allowing more time to assess the impacts of recent developments on the airline’s path to recovery. 'We’ve seen some clearing of COVID-19 clouds recently, with ... More>>

Commerce Commission: Cartel Conduct Now Punishable By Up To 7 Years’ Jail Time

Cartel conduct can now be punished with a term of imprisonment of up to 7 years, after the Commerce (Criminalisation of Cartels) Amendment Act 2019 came into effect today. Cartel conduct includes price fixing, market allocation and bid rigging (see ... More>>

Stats NZ: New Report Shows Impact Of Demands On Land In New Zealand

A new environmental report released today by the Ministry for the Environment and Stats NZ, presents new data on New Zealand’s land cover, soil quality, and land fragmentation. The land cover data in the report, Our land 2021 , provides the most ... More>>


Stats NZ: March Card Spending Rebounds Despite COVID

There was a lift in retail card spending in March following a fall in the lockdown-disrupted February month, Stats NZ said today. Seasonally adjusted retail card spending rose by $53 million (0.9 percent), compared with February 2021. Visit our website to read ... More>>

PwC: Outcome Of Review Into Air New Zealand Gas Turbines Business

Air New Zealand has received the report into its Gas Turbines business from independent external advisers PwC. Air New Zealand Chairman Dame Therese Walsh says the report identified a range of effective controls in the Gas Turbines revenue contracting ... More>>