Aggregated News From Investment Management Regulators

ASIC bans company officer for failing to assist liquidators

Report/Flag

Please complete the required fields.



Daniel Adin Flynn of Casey, in the Australian Capital Territory, has been disqualified from managing corporations for three years and six months after being convicted numerous times for failing to assist liquidators.

Mr Flynn was an officer of five failed companies that operated in the solar industry:

  • ACN 602 829 112 Pty Ltd (formerly known as PVLT Mildura Pty Ltd) (PVLT Mildura);
  • ACN 620 360 910 Pty Ltd (formerly known as PVLT QLD Pty Ltd) (PVLT QLD);
  • ACN 614 068 549 Pty Ltd (formerly known as PVLT Newcastle Pty Ltd) (PVLT Newcastle);
  • ACN 622 054 095 Pty Ltd (formerly known as PVLT Canberra Pty Ltd) (PVLT Canberra); and
  • Envirolife Pty Ltd (Envirolife) ACN 164 442 488.

Envirolife was placed into liquidation on 23 January 2019. PVLT Mildura, PVLT QLD, PVLT Newcastle and PVLT Canberra were all placed into liquidation on 13 March 2019.

ASIC found that Mr Flynn:

  • failed to lodge documents for all five companies, such as BAS and income tax returns, with the Australian Taxation Office;
  • was convicted for failing to file a Report as to Affairs in the prescribed form to the liquidator of Envirolife; and
  • was separately convicted for failing to deliver up books and records of Envirolife, PVLT Mildura, PVLT QLD, PVLT Newcastle and PVLT Canberra to the liquidators appointed to those companies.

In making the decision to disqualify Mr Flynn, ASIC relied on a supplementary report lodged by Vincent Pirina of Aston Chace Group, liquidator of PVLT Mildura. ASIC assisted the liquidator in preparing the supplementary reports by providing funding from the Assetless Administration Fund.

ASIC also relied on ten convictions recorded against Mr Flynn who failed to comply with his obligations to help Mr Pirina regarding his appointment to PVLT Mildura, PVLT QLD, PVLT Newcastle and PVLT Canberra and Timothy Clifton of Clifton Hall who was appointed liquidator of Envirolife.

Mr Flynn is disqualified from managing corporations until 9 April 2024.

Background

Mr Flynn was convicted on 9 September 2019 for failing to submit a Report as to Affairs and failing to assist Mr Clifton, the liquidator for Envirolife. Mr Flynn was also convicted on 26 March 2020 with failing to assist, and on seven counts of failing to deliver company books to, Mr Pirina, the liquidator for PVLT Mildura, PVLT QLD, PVLT Newcastle and PVLT Canberra.

These convictions follow requests made by Mr Pirina and Mr Clifton to ASIC seeking assistance through the external administrator assistance program.

The program assists liquidators when company officers in external administration fail to comply with obligations to help liquidators.

Section 206F of the Corporations Act gives ASIC the power to disqualify a person from managing corporations for up to five years if, within a seven-year period, the person was an officer of two or more companies that were wound up and the liquidators lodge reports with ASIC about each company’s inability to pay its debts or alleging misconduct.

ASIC maintains a Banned and Disqualified Persons register that provides information about people who have been disqualified from:

  • involvement in the management of a corporation;
  • auditing self-managed superannuation funds (SMSFs); or
  • practising in the financial services or credit industry.

Source link

Regulator Information

Abbreviation: ASIC
Jurisdiction: Australia

Recent Articles

ethicalbondrates.com

We believe this firm may be providing financial services or products in the UK without our authorisation. Find out why you should be wary...

C460 – ESMA Guidelines on Article 25 of Directive 2011/61/EU

See the Circular published by the Cyprus Securities and Exchange Commission (CySEC CY) here: Source link

ZhongDe Waste Technology AG: BaFin imposes administrative fines

On 20 July 2021, BaFin imposed administrative fines totalling 195,000 euros on ZhongDe Waste Technology AG.

safeincome.fund: BaFin launches investigation into the company SICFund

In accordance with section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG), BaFin informs the public that the company SICFund, Wiesbaden, Federal Republic of Germany, has not been granted

Get the latest from Regulatory.News in your inbox!

×