Friday 10 November 2006 The Australian Securities and Investments Co…

Friday 10 November 2006 The Australian Securities and Investments Commission (ASIC) has disqualified five company directors from managing corporations following their involvement in failed companies. Mr Ignazio Spadaro ASIC has banned transport industry operator, Mr Ignazio Spadaro, of Shepparton, Victoria, for the maximum period of five years. Mr Spardaro’s banning follows an investigation into his involvement in five failed companies, Lenne Staff Services Pty Ltd, MBS Tanker Division Pty Ltd, JNH Transport Pty Ltd, Ardmona Staff Services Pty Ltd and Victoria Drivers Services Pty Ltd.

These companies were wound up owing in excess of $550,000. Secured creditors were paid less than 10 cents in the dollar. ASIC found that Mr Spadaro allowed Lenne Staff Services Pty Ltd to trade while insolvent, failed to ensure the company kept proper accounting records, and did not pay statutory debts including workers compensation premiums. Further, ASIC also found that Mr Spadaro’s incompetent management of all five companies contributed to their failure. Mr Paris Kazantzis ASIC has banned paint contractor, Mr Paris Kazantzis, of Drummoyne, New South Wales, for four years.

Mr Kazantzis’ banning follows an investigation into his involvement in the management of three failed companies, The Painting and Decorative Finish Company Pty Ltd and JP Group Pty Ltd. These companies were wound up owing in excess of $866,000 and were unable to pay unsecured creditors more than 50 cents in the dollar. ASIC found that Mr Kazantzis allowed both companies to trade while insolvent and failed to assist liquidators. ASIC also found that Mr Kazantzis made loans to related companies and, in doing so, improperly used his position. Mr Barry Francis Anstee ASIC has banned bankrupt wedding reception operator, Mr Barry Francis Anstee, of Vaucluse, New South Wales, for four years. Mr Anstee’s banning follows his involvement in six failed companies, Spaoak Pty Ltd, Rellgrove Pty Ltd, Velowing Pty Ltd, Clybeau Pty Ltd, Prebron Pty Ltd and Precue Pty Ltd.

These companies were wound up owing in excess of $300,000 and were unable to pay unsecured creditors more than 50 cents in the dollar. ASIC found that Mr Anstee had allowed companies to trade while insolvent and had failed to keep proper financial records. Mr Anstee had also been previously convicted of three offences relating to his failure to assist liquidators. These convictions occurred in July and December 2005. Mr Peter John Simmonds ASIC has banned bankrupt help desk trainer, Mr Peter John Simmonds, of Warana, Queensland, for three years. Mr Simmonds’ banning follows his involvement in two failed companies, The Help Desk and Call Centre Institute Pty Ltd and To Help Institute Pty Ltd. Both companies were wound up owing in excess of $750,000 and were unable to pay their unsecured creditors more than 50 cents in the dollar. ASIC’s investigation found that Mr Simmonds had allowed The Help Desk and Call Centre Institute Pty Ltd to trade while insolvent and had failed to properly discharge his duties as a director by allowing the company’s plant and equipment to be used without payment. Further, Mr Simmonds had also been previously convicted of two offences relating to his failure to assist liquidators. These convictions occurred in October 2005. Mr Serge Golman ASIC has banned plasterer, Mr Serge Golman, of Vaucluse, New South Wales, for 18 months.

Mr Golman’s banning follows an investigation into his involvement in four failed companies, Lidcome Plastering Services Pty Ltd, Lidcombe Plastering (NSW) Pty Ltd, Eastern Suburbs Plastering & Rendering Pty Ltd and Hi-Tech Technology Pty Ltd. The three companies were wound up owing in excess of $4 million and were unable to pay their unsecured creditors more than 50 cents in the dollar. ASIC found that Mr Golman allowed Lidcombe Plastering (NSW) Pty Ltd and Eastern Suburbs Plastering & Rendering Pty Ltd to trade while insolvent and continued to act as a director while a bankrupt. For further information contact: Delia Rickard Executive Director, Consumer Protection Telephone: 02 6250 3801 Mobile: 0412 673 026 Emma Forehan ASIC Media Unit Telephone: 03 9280 3354 Mobile: 0409 702 310

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