Aggregated News From Investment Management Regulators

Director pleads guilty to breaching directors’ duties

Report/Flag

Please complete the required fields.



Following an ASIC investigation, Mr Mark Hucherko, of Seaham NSW, has pleaded guilty to breaching his directors’ duties.

Mr Hucherko is the former director of Tru Flow Plumbing and Excavations Pty Ltd which later became Tru Flow Plant and Hire Pty Ltd (the Company). Mr Hucherko was charged with breaching his director duties for transferring a vehicle from the Company to another at below market value in October 2015.

This conduct is commonly referred to as illegal phoenix activity.

Mr Daniel Quinn of SV Partners was appointed as the liquidator to the Company on 30 September 2015, and the Company’s total liabilities at that time were $609,965.

Mr Quinn provided a statutory report to ASIC and assisted with the investigation.

Background

The matter is being prosecuted by the Commonwealth Director of Public Prosecutions and was heard at the Newcastle Local Court on 28 September 2020.

At the time of the conduct, a contravention of s184 (2) of the Corporations Act 2001 attracted a maximum penalty of 200 penalty unit or imprisonment for 5 years, or both.

The matter has been adjourned for sentencing on 29 October 2020.

Source link

Regulator Information

Abbreviation: ASIC
Jurisdiction: Australia

Recent Articles

SEC Approves Registration of First Security-Based Swap Data Repository; Sets the First Compliance Date for Regulation SBSR

The Securities and Exchange Commission today announced that it has approved the registration of its first security-based swap data repository (SDR).

Regulation for a different world

Speech by our CEO, Nikhil Rathi, delivered at Association of Foreign Banks – CEO Programme 2021 – The UK Regulatory Landscape Post-Brexit and Beyond.  Speaker: Nikhil...

Keynote speech by the Chairman of the FSMA at a high-level conference on sustainability reporting organized by the European Commission

On Wednesday, 6 May 2021, Jean-Paul Servais, Chairman of the FSMA and Vice Chair of IOSCO, gave a speech at a major conference of...

Credit Suisse Bonds / Suisse Capital Wealth Bonds (Clone of FCA authorised firms)

Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Find out...

www.myinvestmentoptions.co.uk

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

Get the latest from Regulatory.News in your inbox!

×