Thursday 5 October 2006 06- LAWFUEL – Australian Law News – The Australian Securities and Investments Commission (ASIC) has disqualified three company directors from managing corporations following their involvement in failed companies.
ASIC banned bankrupt property developer, Mr Angelo Ferella, of Blacktown, New South Wales, for the maximum period of five years. ASIC also disqualified restaurateur, Mr Branislav Matic of Neutral Bay, New South Wales, for four years, and panel beater, Mr Antonio Murdaca, of Airport West, Victoria, for two years. ‘Company officers have important responsibilities to uphold. To protect the public, ASIC will not hesitate to disqualify company officers who disregard their obligations’, ASIC’s Executive Director of Consumer Protection, Mr Greg Tanzer said.
Angelo Ferella ASIC banned Mr Ferella following an investigation into his involvement in the management of three failed companies, Ferell Industries Pty Ltd, Ferell Corporation Pty Ltd and Riva Industries Pty Ltd. All three companies, which were involved in property development, were wound up owing in excess of $475,000 and were unable to pay creditors more than 10 cents in the dollar. ASIC found that Mr Ferella failed to pay statutory debts, misappropriated company motor vehicles and failed to assist liquidators with the winding up of his companies. Further, ASIC found that Mr Ferella managed his companies while prohibited following a conviction for forgery, and failed to produce books as required under the ASIC Act. Branislav Matic ASIC banned Mr Matic following an investigation into his involvement in three failed companies, Matic Leisure Pty Ltd, Matic Investments Pty Ltd and Coach House Enterprises Pty Ltd. All three companies traded as ‘The Wineglass Bar & Grill’ in Mudgee, New South Wales. Mr Matic is also currently a director and secretary of Mudgeecourt Holdings Pty Ltd, which also operates as ‘The Wineglass Bar & Grill’.
The companies were wound up owing in excess of $530,000 and were unable to pay unsecured creditors more than 50 cents in the dollar. ASIC found that Mr Matic had allowed the companies to trade while insolvent and had breached his duty as a director of Matic Investments by allowing the company to enter into uncommercial transactions. Page 1 of 2
ASIC also noted that Mr Matic’s ongoing use of the trading name ‘The Wineglass Bar & Grill’, which was essentially carrying on the same business operations as his wound up companies, Matic Leisure Pty Ltd and Coach House Enterprises Pty Ltd, was tantamount to a ‘phoenix’ operation. Antonio Murdaca ASIC banned Mr Murdaca following an investigation into his involvement in three failed companies; Australian Automotive Motor Inspection Centre Pty Ltd, Amalgamated Motor Industries Pty Ltd and Market Place Properties Pty Ltd.
These companies were involved in panel beating and motor vehicle repairs and left debts totalling $867,000. ASIC found that Mr Murdaca had breached his requirement to assist the liquidator of Australian Automotive Motor Inspection Centre Pty Ltd and had failed to pay that company’s statutory liabilities to the Australian Taxation Office and employee superannuation contributions. Mr Ferella, Mr Matic and Mr Murdaca have the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision. For further information contact: Mr Greg Tanzer Executive Director, Consumer Protection Telephone: 07 3867 4704 Mobile: 0411 549 144 Angela Friend ASIC Media Unit Telephone: 03 9280 3338 Mobile: 0412 058 800
