Two Queensland directors disqualified from managing corporations

Adrian Christopher Coronno and Domenico Luvera (also known as Domenico Giglio Luvara), both of Pacific Pines, Queensland, have been disqualified from managing corporations for five years after their involvement in four failed companies. 

The companies were involved in financial and insurance services, rental hire and real estate services between 2010 and 2015:

– Global Income Assets Pty Ltd (ACN 162 284 059) (GIA);

– 360 Global Pty Ltd (ACN 143 565 762) (360 Global);

– Freeport Property Pty Ltd (ACN 156 480 643) (Freeport); and

– Tradebridge 360 Pty Ltd (ACN 148 222 431) (Tradebridge).

In making its decision, ASIC found that:

– Mr Coronno willingly consented to be a director of the four companies but did not fulfill the duties and obligations of a director;

– Mr Coronno and Mr Luvera breached their directors’ duties in respect of GIA by failing to exercise their powers and discharge their duties in good faith and in the best interests of the company and for a proper purpose; and

– Mr Coronno and Mr Luvera failed to ensure that GIA and 360 Global maintained adequate books and records.

At the time of ASIC’s decision, the four companies owed unsecured creditors more than $1.5 million. In making its decision to disqualify Mr Coronno and Mr Luvera, ASIC relied on reports lodged by the liquidator of GlA and 360 Global, Domenic Calabretta of Mackay Goodwin. ASIC assisted the liquidator in preparing the supplementary reports by providing funding from the Assetless Administration Fund.

Mr Coronno is disqualified from managing corporations until 16 December 2025. Mr Luvera is disqualified from managing corporations until 10 January 2026.

Background

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 alleged 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

– practicing in the financial services or credit industry.