Wednesday 11 April 2007 LAWFUEL – Australia New Zealand Law Newswire – The Australian Securities and Investments Commission (ASIC) 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.