Wednesday 12 July 2006 06 – Mr Clive Anthony Williams of Bankstown, …

Wednesday 12 July 2006 06 – Mr Clive Anthony Williams of Bankstown, New South Wales, was sentenced today at the Downing Centre Local Court after pleading guilty to lodging a document with the Australian Securities and Investments Commission (ASIC) that contained false and misleading information.

Mr Williams was convicted and fined $1,500.00 plus court costs of $67.00. As a result of this conviction, he is disqualified from managing a corporation until 13 July 2011. An order was also made that Mr Williams be fingerprinted. Mr Williams is the sole director of Australian Vending Times Pty Ltd, which specialised in the marketing and sale of vending machines.

ASIC acted on complaints, alleging that Mr Williams authorised lodgement of an application for deregistration of his company while being subject to legal proceedings. When lodging applications for deregistration with ASIC, applicants are required to make a number of declarations, including that the company is not a party to legal proceedings.

Two parties had already commenced proceedings in the Consumer Trader and Tenancy Tribunal against the company after purchasing vending machines known as ‘The World’s Smallest Restaurant’ which were marketed as being the ‘the exciting, new, hot cuisine vending sensation’. ‘Company directors must take their obligations to lodge statutory forms with ASIC very seriously, particularly in relation to deregistration proceedings’, ASIC’s Deputy Executive Director of Consumer Protection, Ms Delia Rickard said.

‘Deregistering a company whilst it is embroiled in litigation means the affected party incurs additional expense in seeking reinstatement of the company. ASIC will not hesitate to prosecute anyone who lodges statutory forms knowing full well those documents contain false or misleading information, particularly where it is a blatant attempt to derail the creditors lawful attempts to pursue debt recovery’, Ms Rickard said.

The matter was prosecuted by the Commonwealth Director of Public Prosecutions. For further information contact: Angela Friend ASIC Media Unit Telephone: 03 9280 3338 Mobile: 0412 058 800

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