Former company directors Geoffrey Francis MacPherson and Joanne Kay MacPherson, both of Mt Pleasant, have been banned from managing corporations for five years each by the Australian Securities and Investments Commission.
Former company directors Geoffrey Francis MacPherson and Joanne Kay MacPherson, both of Mt Pleasant, have been banned from managing corporations for five years each by the Australian Securities and Investments Commission.
The former directors of trust company Rollac Pty Ltd and IT company ACN 050 159 012 (formerly Copyfax Pty Ltd) were subject to an ASIC investigation following the failure of both companies.
Both companies failed owing unsecured creditors in excess of $900,000, with ACN 050 159 012 Pty Ltd paying unsecured creditors between 0 and 10 cents in the dollar.
ASIC found that the MacPhersons abused their positions as directors by dishonestly diverting company funds to themselves, to the detriment of creditors.
The McPhersons have the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.
Subscribe today for award-winning, unbiased and trusted journalism