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A Sydney director whose companies owed creditors more than $84 million has been banned from managing companies for five years.
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Director whose companies racked up $84m debt cops ASIC disqualification
08 February 2021
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ASIC has disqualified Violetta Esposito of Peakhurst, NSW, from managing companies until 1 February 2026 for her involvement in two failed companies, Esposito Holdings Pty Ltd and National Dairy Products Pty Ltd.
The corporate regulator found that Ms Esposito failed to understand and exercise the duties of her role as a director of the two companies, and had allowed the two entities to owe credits more than $84 million at the time of ASIC’s decision.
ASIC also found that Ms Esposito failed to prevent National Dairy Products from incurring debts totalling more than $2.3 million when the company was and should have been known to be insolvent.
She also failed to ensure that a Report on Company Activities and Property was submitted to the liquidator within 14 days, and failed to ensure that all books in her possession were delivered to the liquidator of Esposito Holdings, Matthew Byrnes of Grant Thornton.
In making its decision to disqualify Ms Esposito, ASIC’s investigation relied on supplementary reports lodged by Mr Byrnes and the liquidators of National Dairy Products, Glen Kanevski and Salvatore Algeri of Deloitte.
ASIC assisted Mr Byrnes to prepare a supplementary report by providing funding from the Assetless Administration Fund.
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