Stirling-based company directors Giuseppe Antonio Fazzari and Carmel Mimma Fazzari have been banned from managing corporations for four and three years respectively by the Australian Securities and Investments Commission.
Stirling-based company directors Giuseppe Antonio Fazzari and Carmel Mimma Fazzari have been banned from managing corporations for four and three years respectively by the Australian Securities and Investments Commission.
ASIC found that Mr and Mrs Fazzari failed to prevent the companies from trading while insolvent and pay statutory debts to the Australian Taxation Office.
ASIC had investigated Mr Fazzari's involvement in Mobilia Cabinets Pty Ltd and Mrs Fazzari's involvement in Veneer Craft & Design Pty Ltd, as well as their work together on Fazzari Pty Ltd - all of which are failed companies.
ASIC also found that Mr and Mrs Fazzari falsified company records in relation to Fazzari Pty Ltd for the purpose of avoiding or deferring payment of GST and that they breached their directors' duties by giving a charge over company assets to secure a personal loan for themselves.
The full text of an announcement from ASIC is pasted below
The Australian Securities and Investments Commission has disqualified six directors from managing corporations during March following their involvement in failed companies.
Mr Giuseppe Antonio Fazzari and Mrs Carmel Mimma Fazzari
ASIC has banned husband and wife directors, Mr Giuseppe Antonio Fazzari and Mrs Carmel Mimma Fazzari, of Stirling, Western Australia, from managing companies for four years and three years respectively.
These bannings follow an ASIC investigation into Mr Fazzari's involvement in two failed companies, Fazzari Pty Ltd and Mobilia Cabinets Pty Ltd, and Mrs Fazzari's involvement in failed companies, Fazzari Pty Ltd and Veneer Craft & Design Pty Ltd.
ASIC found that Mr and Mrs Fazzari failed to prevent the companies from trading while insolvent and pay statutory debts to the Australian Taxation Office. ASIC also found that Mr and Mrs Fazzari falsified company records in relation to Fazzari Pty Ltd for the purpose of avoiding or deferring payment of GST and that they breached their directors' duties by giving a charge over company assets to secure a personal loan for themselves.
Mr William James Grace
ASIC has banned builder, Mr William James Grace of Drysdale, Victoria, from managing companies for three years.
Mr Grace's banning follows an ASIC investigation into his involvement in failed companies, Bill Grace & Son Pty Ltd and Hanalie Bay Pty Ltd.
ASIC found that Mr Grace failed to maintain adequate books and records, allowed Bill Grace & Son Pty Ltd to trade while insolvent, and failed to pay statutory debts, in particular, amounts to the Australian Taxation Office.
Mr George Zorbas and Mr Nicholas Zorbas
ASIC has banned father and son concreting contractors, Mr George Zorbas and Mr Nicholas Zorbas of Drummoyne, New South Wales, from managing companies for five years each.
These bannings follow an ASIC investigation into George Zorbas' involvement in three failed companies; Z&G Formwork Pty Ltd, Formwork Specialists Pty Ltd and Z&G Properties Pty Ltd and Nicholas Zorbas' involvement in four failed companies; Independent Insurances Pty Ltd, Z&G Formwork Pty Ltd, Formwork Specialists Pty Ltd and Henepale Pty Ltd.
ASIC found that both men used their positions as directors of Z&G Formwork Pty Ltd to gain an advantage for themselves and related companies by transferring funds to related companies and paying debts owed by other companies from the accounts of Z&G Formwork Pty Ltd. George and Nicholas Zorbas also allowed Z&G Formwork Pty Ltd to trade while insolvent and failed to maintain adequate company books and records.
In addition to the above, ASIC found George Zorbas allowed Z&G Properties Pty Ltd to trade while insolvent and failed to maintain adequate company books and records.
ASIC also found that Nicholas Zorbas allowed Independent Insurances Pty Ltd to trade while the company was insolvent and that Independent Insurances Pty Ltd, Formwork Specialists Pty Ltd, and Henepale Pty Ltd, all failed owing substantial amounts to the Australian Taxation Office.
Mr Carmelo Antonio Sgro
ASIC has banned property developer, Mr Carmelo Antonio Sgro of Toorak, Victoria, from managing companies for five years.
Mr Sgro's banning follows an ASIC investigation into his involvement in four failed companies; Freeman Tower Pty Ltd, Sgro Development Pty Ltd, Lewimont Pty Ltd and Properties Australia Pty Ltd.
ASIC found that Mr Sgro signed minutes of a directors meeting for Lewimont Pty Ltd thereby attesting to a meeting that was never held and financial statements that were never prepared.
Mr Sgro also traded Properties Australia Pty Ltd while the company was insolvent, was uncooperative in his dealings with liquidators, and failed to keep adequate books and records in relation to all four companies. As a result of this conduct, the companies were unable to pay any, or any substantial part, of the significant debts owing to unsecured creditors.
The above disqualified directors have the right to appeal to the Administrative Appeals tribunal for a review of ASIC's decision.
