Friday 13 July 2007 LAWFUEL – The Legal Newswire – Mr Marcel Ivan Shears of Southport, Queensland,was yesterday sentenced in the Southport District Court to 12 months imprisonment to be released immediately upon entering a five-year good behaviour bond following an investigation by the Australian Securities and Investments Commission (ASIC). Mr Shears, 36, was sentenced after pleading guilty to five charges of insolvent trading between 30 June and 10 August 2003. Mr Shears was also ordered to complete 200 hours community service within 12 months, not reoffend within two years, and make restitution of $17,534.60.
These funds will be for the benefit of the Cabriolet creditors whose debts related to the five insolvent trading charges. A further five charges relating to Mr Shears’ management of companies at a time when he was disqualified were taken into account on sentencing. All charges concerned Mr Shears’ conduct as a director of Cabriolet Royale Pty Ltd (Cabriolet Royale) and Ozeshop.Com.Au Pty Ltd.
Cabriolet Royale was in the business of building luxury pleasure boats for the United States market. In August 2003, Cabriolet Royale was placed in liquidation as a consequence of action taken by a US customer to enforce a judgement debt. ASIC alleged that despite being aware that Cabriolet Royale was in liquidation, Mr Shears continued to build boats under the name ‘Cabriolet’ and dishonestly allowed the company to incur debts by obtaining goods and services from suppliers at a time when he knew that Cabriolet would be unable to pay those debts.
For further information contact: Emma Forehan ASIC Media Unit Telephone: 03 9280 3354 Mobile: 0409 702 310