THE Supreme Court of Queensland has disqualified Stephen John Taylor from managing corporations for 10 years following his involvement in a mortgage broking company.
The Australian Securities and Investments Commission’s action against Taylor of Mona Vale, New South Wales, followed concerns he was actively involved in the management of a mortgage broking company despite being automatically disqualified from doing so due to a previous conviction.
Taylor was convicted and imprisoned in May 2003 on six ASIC charges following an investigation into his promotion of a number of property development companies. He was sentenced to six months imprisonment and released after six months on the condition he enter into a six month good behaviour bond.
In June 2003, Taylor pleaded guilty, while in prison, to two charges of managing a corporation while disqualified. His term of imprisonment was subsequently extended by approximately six weeks. Taylor was automatically disqualified from managing corporations until December 16 2008 upon his release.
ASIC’s application to the Supreme Court of Queensland alleged Taylor was involved in the management of So Easy Home Loans Pty Ltd between May 31 and July 28 2005.
So Easy Homes Loans operated in Sydney and was deregistered on November 13 2005.
In addition to disqualifying Taylor, the Court also made declarations that he managed So Easy Home Loans through his participation in decisions that affected the whole or substantial part of the business of the corporation and used his capacity to significantly affect the corporation’s financial standing.
ASIC’s executive director of enforcement Jan Redfern said fortunately, in this case, clients, creditors and employees of the company were not adversely affected but must be protected where there is a risk company officers may not act in their best interests.
Australian Property Journal
