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Failure to pay taxes and evidence of illegal phoenix activity have driven ASIC to disqualify a director for the maximum disqualification period.
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Director cops maximum disqualification for illegal phoenix behaviour
20 August 2019
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The corporate regulator has disqualified Steven Paul Corradi of Redlynch, Queensland, from managing companies for five years, the maximum disqualification period, because of his involvement in seven failed companies.
In making its decision to disqualify Mr Corradi, ASIC relied on supplementary reports that were lodged by the liquidators of the companies, including Todd William Kelly of BDO.
ASIC found that Mr Corradi had failed to exercise his duties as a director with due care and diligence, improperly used his corporate position to gain an advantage for himself, failed to prevent the companies from trading while potentially insolvent, failed to pay taxes and enabled conduct that showed evidence of illegal phoenix activity.
The total amount of debts owed by the companies to creditors was more than $2 million.
ASIC assisted the liquidator to prepare the supplementary reports by providing funding from the Assetless Administration Fund.
Mr Corradi’s disqualification took effect from 23 July 2019.
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