Property developers Robert Norman Francis, of Ashfield, and Michael Francis Byrne of Mosman Park have been banned from managing corporations for two and five years respectively, the Australian Securities and Investments Commission has announced.
Property developers Robert Norman Francis, of Ashfield, and Michael Francis Byrne of Mosman Park have been banned from managing corporations for two and five years respectively, the Australian Securities and Investments Commission has announced.
The full text of an ASIC announcement is pasted below
The Australian Securities and Investments Commission (ASIC) has disqualified eight directors from managing corporations following their involvement in failed companies.
Mr Robert Norman Francis
ASIC has disqualified property developer, Mr Robert Norman Francis, of Ashfield, Western Australia, from managing corporations for two years.
The disqualification of Mr Francis follows an ASIC investigation into his involvement in four failed companies, Nu-Western Developments Pty Ltd, Australasian Valve Solutions Pty Ltd, Advanced Corporate Services (Australasia) Pty Ltd and Nu-West Property Systems Pty Ltd.
ASIC found that Australasian Valve Solutions failed to maintain proper books and records while Mr Francis failed to assist the liquidators of Nu-Western Developments and Australasian Valve Solutions by not providing a report as to the company's affairs. Further, Mr Francis allowed the business of Australasian Valve Solutions to be transferred to a related entity for no consideration for the purpose of defeating the creditors of Australasian Valve Solutions.
Mr Michael Francis Byrne
ASIC has disqualified labour hire provider and property developer, Mr Michael Francis Byrne, of Mosman Park, Western Australia, for the maximum period of five years.
Mr Byrne's disqualification follows his involvement in nine failed companies, Immediate Staffing Pty Ltd, Civil Pacific Pty Ltd, MPI Developments Pty Ltd, Lilyfield Developments Pty Ltd, Norberta Developments Pty Ltd, Workforce One Pty Ltd, ACN 103 898 193 Pty Ltd (formerly Queforce Pty Ltd), Tinbyr Investments Pty Ltd and Waforce Pty Ltd.
ASIC found that Immediate Staffing, Civil Pacific, MPI Developments, Lilyfield Developments, Norberta Developments and Workforce One failed to keep full and proper accounting records. Further, Mr Byrne withdrew funds from the bank account of Lilyfield Developments following the appointment of an administrator to the company. Mr Byrne was also disqualified because he used funds from his labour hire companies to prop up the property development companies, resulting in the accruing of tax debts that could not be paid.
Mr Matthew John Mills
ASIC has disqualified bankrupt roadside services operator, Mr Matthew John Mills, of Londonderry, New South Wales, from managing corporations for the maximum period of five years.
The disqualification of Mr Mills follows an ASIC investigation into his role with respect to the failed companies, N.R.T.A. Pty Ltd and MTA Roadservice Australia Pty Ltd. ASIC found that the companies failed to comply with their statutory requirements to the Australian Taxation Office (ATO) and that Mr Mills failed to keep proper financial records.
Further, Mr Mills managed MTA Roadservice Australia, Motorists Transport Assistance Pty Ltd, MTA Road Service Batteries Pty Ltd, MTA Roadservice Assist Pty Ltd and Leeroy Brown Corporation Pty Ltd whilst an undischarged bankrupt.
ASIC's inquiries into the conduct of Mr Mills are continuing. ASIC acknowledges the assistance provided by the NSW Office of Fair Trading with respect to this matter.
Mr Mark McInnes
ASIC has disqualified packaging operator, Mr Mark McInnes, of Narrabri, New South Wales, from managing corporations for the maximum period of five years.
The disqualification of Mr McInnes follows an ASIC investigation into his role with respect to the failed companies, McInnes Group Pty Ltd, McInnes Trading Pty Ltd, McInnes Trading Australia Pty Ltd, McInnes Packaging Pty Ltd and McInnes Processing Pty Ltd.
ASIC's investigation found that McInnes Group, McInnes Trading, McInnes Trading Australia and McInnes Processing had failed to pay their statutory liabilities. Further, Mr McInnes failed to keep financial records, failed to assist liquidators and allowed McInnes Group and McInnes Trading to trade while insolvent.
Mr Mark William Stevens
ASIC has disqualified business consultant, Mr Mark William Stevens, of Griffith, Australian Capital Territory, from managing corporations for four years.
The disqualification of Mr Stevens follows an ASIC investigation into his involvement in three failed companies, IISM Group Pty Ltd, Infinium Contracting Pty Ltd and Dearnmak Pty Ltd.
ASIC found that Mr Stevens had breached his duties as a director of IISM Group and Infinium Contracting in that he arranged for each company to provide loans to related entities with no commercial rationale for the loans and without the prospect of repayment. ASIC also found that Mr Stevens transferred the business conducted by IISM Group to Dearnmak for no consideration which was in further breach of his duties as a director.
In addition, ASIC found that Mr Stevens arranged for funds paid in relation to an invoice rendered by Dearnmak to be deposited into the bank account of IISM Group and that he had allowed all companies to accrue significant debts to the ATO.
Mr Gregory Mark McGuiness
ASIC has disqualified financier, Mr Gregory Mark McGuiness, of Victoria Point, Queensland, from managing corporations for three years.
The disqualification of Mr McGuiness follows an ASIC investigation into his involvement in three failed companies, Zenith Constructions Queensland Pty Ltd, Zenith Finance QLD Pty Ltd and ZCQ Corporation Pty Ltd (the companies).
ASIC found that the companies failed to comply with their statutory requirements to the ATO and outstanding unrelated employee entitlements. Further, Mr McGuiness failed to ensure that Zenith Constructions kept proper financial records and failed to prevent it from trading while insolvent.
Mr Anthony John Goss
ASIC has disqualified building contractor, Mr Anthony John Goss, of Middle Park, Victoria, from managing corporations for three years.
The disqualification of Mr Goss follows an ASIC investigation into his involvement in four failed companies, Melbourne Transit Pty Ltd, Emerald Glen Constructions Pty Ltd, Gardenflower Pty Ltd and Green Skies Pty Ltd.
ASIC found that Mr Goss failed to ensure that Melbourne Transit maintained proper books and records. Further, he allowed Melbourne Transit and Emerald Glen Constructions to trade while insolvent.
Mr Peter William Gallus
ASIC has disqualified property developer, Mr Peter William Gallus, of Labrador, Queensland, from managing corporations for two years.
The disqualification of Mr Gallus follows an investigation by ASIC regarding his role in the failed companies, Ammbar Pty Ltd, Gallus Property Group Pty Ltd, Beach Vista Pty Ltd, Fairmede Pty Ltd and Permanent Finance Corporation Pty Ltd.
ASIC found that Ammbar and Beach Vista failed to meet significant statutory liabilities to the ATO.
The above disqualified individuals have the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.
