The Australian Securities and Investments Commission has disqualified a bankrupt property developer from managing corporations following his involvement in failed companies.
Yesterday, the corporate regulator banned bankrupt property developer, Angelo Ferella, of Blacktown, New South Wales, for the maximum period of five years.
ASIC banned Ferella following an investigation into his involvement in the management of three failed companies, Ferell Industries Pty Ltd, Ferell Corporation Pty Ltd and Riva Industries Pty Ltd.
All three companies, which were involved in property development, were wound up owing in excess of $475,000 and were unable to pay creditors more than 10 cents in the dollar.
ASIC found that Ferella failed to pay statutory debts, misappropriated company motor vehicles and failed to assist liquidators with the winding up of his companies.
Further, ASIC found that Ferella managed his companies while prohibited following a conviction for forgery, and failed to produce books as required under the ASIC Act.
“Company officers have important responsibilities to uphold. To protect the public, ASIC will not hesitate to disqualify company officers who disregard their obligations,” ASIC’s executive director of consumer protection Greg Tanzer said.
By Kathryn O’Meara
