Wednesday 23 August 2006 06 LAWFUEL – Press Release Service – The Australian Securities and Investments Commission (ASIC) has banned Mr James Egan from managing any corporations for three years. Mr Egan was banned by ASIC following an investigation into the failure of three companies of which he was a director, Australian Consulting and Capital Partners Pty Ltd, ACCP International Pty Ltd and Tesati Pty Ltd.
Australian Consulting and Capital Partners went into liquidation on 17 September 2002 and ACCP went into liquidation on 14 September 2004. Both companies were engaged in corporate advisory and management consulting services in Australia and Asia. Tesati was the beneficiary of an offshore superannuation scheme which went into liquidation on 18 October 2005. The combined reported deficiencies for these three companies exceeded $3 million. ASIC was concerned that Mr Egan had failed to ensure these companies kept proper books and records and that he failed to assist the respective liquidators of each of the companies. ASIC was also concerned that both Australian Consulting and Capital Partners and ACCP may have traded whilst insolvent. Furthermore, since April 2005 Mr Egan has been the sole director of five companies when he has not lived in Australia.
Mr Egan moved overseas around April 2005. The Corporations Act 2001requires all proprietary companies to have at least one director who usually resides in Australia. Mr Egan has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision. For further information contact: Danielle Huck ASIC Media Unit Telephone: 03 9280 3407 Mobile: 0417 540 769