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Director cops maximum disqualification for illegal phoenix behaviour

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Director cops maximum disqualification for illegal phoenix behaviour

Failure to pay taxes and evidence of illegal phoenix activity have driven ASIC to disqualify a director for the maximum disqualification period.

Business Jotham Lian 20 August 2019
— 1 minute read

The corporate regulator has disqualified Steven Paul Corradi of Redlynch, Queensland, from managing companies for five years, the maximum disqualification period, because of his involvement in seven failed companies.

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In making its decision to disqualify Mr Corradi, ASIC relied on supplementary reports that were lodged by the liquidators of the companies, including Todd William Kelly of BDO.

ASIC found that Mr Corradi had failed to exercise his duties as a director with due care and diligence, improperly used his corporate position to gain an advantage for himself, failed to prevent the companies from trading while potentially insolvent, failed to pay taxes and enabled conduct that showed evidence of illegal phoenix activity.

The total amount of debts owed by the companies to creditors was more than $2 million.

ASIC assisted the liquidator to prepare the supplementary reports by providing funding from the Assetless Administration Fund.

Mr Corradi’s disqualification took effect from 23 July 2019.

Director cops maximum disqualification for illegal phoenix behaviour
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Jotham Lian

Jotham Lian

Jotham Lian is the news editor of Accountants Daily, the leading source of breaking news, analysis and insight for Australian accounting professionals.

Before joining the team in 2017, Jotham wrote for a range of national mastheads including the Sydney Morning Herald, and Channel NewsAsia.

You can email Jotham at: This email address is being protected from spambots. You need JavaScript enabled to view it. 

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