Collaroy director, Mark Frederic Byers, has been banned by ob体育 from managing companies for the maximum of five years for his conduct in the management of four failed companies.聽
Mr Byer's ban follows the appointment of liquidators to four fashion apparel companies he managed: Mentmore Pty Ltd, 095 987 214 Pty Limited (formerly known as Bleach Pty Limited), 135 580 013 Pty Limited (formerly known as Ksubi Copyright Pty Ltd) and 140 672 797 Pty Limited (formerly known as Ksubi Pty Limited).
As a result of information contained in reports provided by the liquidators of the failed companies, ob体育 was concerned Mr Byers had failed to prevent insolvent trading by two of the companies and failed to ensure they paid their taxes, failed to discharge his duties as a director and had engaged in illegal 'phoenix activity' 鈥� an activity which involves transferring the assets of an indebted company into a new company, while leaving the initial company with insufficient assets to pay creditors.
ob体育 Commissioner, Greg Tanzer, said 'ob体育 will ensure that directors who are involved in illegal phoenix activity and fail to appropriately discharge their duties will be removed from the management of companies'.
Mr Byers has the right to seek a review of ob体育's decision by the Administrative Appeals Tribunal.
Background
Section 206F of the Corporations Act allows ob体育 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, and those companies were wound up and a liquidator provides a report to ob体育 about the company鈥檚 inability to pay its debts.
ob体育 also maintains a that provides information about people who have been:
- disqualified from involvement in the management of a corporation,
- disqualified from auditing self-managed superannuation funds (SMSFs), or
- banned from practising in the financial services of credit industry.
Mr Byers' banning took effect from 29 July 2016.
The report prepared by the liquidator of Mentmore Pty Ltd was assisted by funding from the .