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A Queensland director has been disqualified from managing corporations for four years after allowing his company to trade while insolvent.
Former director disqualified over failed companies
26 March 2020
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5 minute read
ASIC has now disqualified Damien John Harvie of Ormeau Hills in Queensland from managing corporations for four years due to his involvement in the failure of two companies.
Mr Harvie was the sole director of HSS Security Pty Ltd and Synergy Integration Pty Ltd, which were both placed into liquidation.
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ASIC found that Mr Harvie had failed to maintain proper company records, allowed Synergy Integration to trade while insolvent and misused the corporate form when he transferred the business to another company, leaving insufficient assets to pay creditors.
The companies had a combined total debt exceeding $1.1 million owed to creditors at the time liquidators were appointed.
In making the order to disqualify Mr Harvie, ASIC relied on reports lodged by Steven Staatz and Nick Combis as liquidators for HSS Security, and Philip Newman and David Quin as liquidators for Synergy Integration.
Under the Corporations Act, ASIC can 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, those companies were wound up and a liquidator provides a report to ASIC about the company’s inability to pay its debts.
Mr Harvie’s disqualification took effect from 27 February 2020.
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