Director of collapsed software program consulting agency Mendicant Kieran Morrissey slapped with ASIC ban – Software program

The Australian Securities and Investments Fee (ASIC) has banned the previous director of software program consulting enterprise Mendicant from managing different companies for 5 years.

The company discovered Mendicant director Kieran Morrissey failed to make sure that one other enterprise he was working, net design and improvement providers firm Jack Marlow, complied with its tax obligations. He’s disqualified from managing companies till 12 August 2027.

Morrissey’s two firms owed a mixed whole of $407,409 to unsecured collectors, together with $15,430.48 owing to the Australian Taxation Workplace, in response to the company regulator.

ASIC added that Morrisey both “didn’t preserve sufficient books and data for Jack Marlow that defined why that firm’s mental property and purchasers had been transferred to a different firm, or intentionally misused his place as a director by transferring mental property and purchasers to a different firm the place Jack Marlow didn’t obtain correct consideration.”

The company mentioned the choice was based mostly on supplementary reviews lodged by Jack Harlow’s liquidator, Anthony Cant of Romanis Cant.

The regulator added the choice additionally factored in Morrissey’s earlier conviction on 26 February 2021 for failing to submit sufficient data to Mendicant’s liquidator, Paul Langdon of Vince & Associates.

ASIC mentioned Morrissey was individually prosecuted and convicted for failing to submit a report on firm actions and property (ROCAP) of Mendicant and for failing to supply Mendicant’s books to Langdon.

Langdon reported the non-compliance to ASIC by means of its external administrator help program whereas the corporate was being wound up. 

This system assists liquidators when firm officers in exterior administration fail to adjust to obligations to assist liquidators.

By the Firms Act, ASIC can disqualify a particular person from managing companies for as much as 5 years if, inside a seven 12 months interval, the particular person was an officer of two or extra firms that had been wound up and the liquidators lodge reviews with ASIC about every firm’s lack of ability to pay its money owed.

ASIC additionally maintains a banned and disqualified persons register, which incorporates these banned from working companies, auditing self-managed superannuation funds and people practising within the monetary providers or credit score trade.

Morrissey continues to be in a position to search a overview of ASIC’s choice by the Administrative Appeals Tribunal.

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