Wright, Finlan receive 5 year ASIC ban

Former company directors David Wayne Wright and Michael Burns Finlan, both of Carlisle, have been banned from managing companies for five years by the Australian Securities and Investments Commission.

An ASIC investigation into their involvement in two failed companies, Simkara Pty Ltd and International Stage Lines Pty Ltd, found the men had allowed Simkara's business to be transferred to International Stage Lines for no consideration, as well as abusing company funds, failing to pay statutory liabilities and maintaining proper books and records.

The full text of an ASIC announcement is pasted below

The Australian Securities and Investments Commission disqualified eight directors from managing corporations, during the month of January, following their involvement in failed companies.

ASIC's Deputy Executive Director of Consumer Protection, Delia Rickard, said company directors have important responsibilities to uphold and those that defy their responsibilities would be removed from the industry.

'ASIC promotes and is a facilitator of honesty and fairness in business and will act to protect consumers, investors and creditors', Ms Rickard said.

Mr David Wayne Wright and Mr Michael Burns Finlan

Mr David Wayne Wright and Mr Michael Burns Finlan, both of Carlisle in Western Australia, have been banned by ASIC from managing companies for the maximum period of five years.

The banning of Messrs Wright and Finlan follows an investigation by ASIC into their involvement in two failed companies, Simkara Pty Ltd and International Stage Lines Pty Ltd. ASIC found, among other things, that Messrs Wright and Finlan allowed Simkara's business to be transferred to International Stage Lines for no consideration, used company funds for investment interests outside of the companies' business, failed to pay statutory liabilities to the Australian Taxation Office and failed to maintain proper books and records.