Mr Charles Edward Platcher was today banned from managing corporations for 25 years, following action brought against him by the Australian Securities and Investments Commission (ASIC).

Her Honour Justice Stone of the Federal Court found Mr Platcher had managed a company called Growthcorp (Aust.) Pty Ltd (Growthcorp) in breach of a previous disqualification from managing corporations between 12 February 1999 and 11 June 2002, due to his bankruptcy.

Her Honour also dismissed Mr Platcher’s application for an annulment of his bankruptcy.

The Court heard evidence that Mr Platcher has a previous criminal conviction for managing a similar company, Growthcorp Pty Limited, while bankrupt and that some people who invested with Growthcorp (Aust.) had suffered serious financial detriment. Three investors lost a total of $660,000.

On 5 April 2001 Mr Geoffrey McDonald, of Hall Chadwick Chartered Accountants, was appointed the company’s administrator. On 23 May 2001 he was then appointed administrator of a Deed of Company Arrangement for Growthcorp.

History of the proceedings

On 11 December 2000 ASIC obtained interim consent orders in the Supreme Court of NSW restraining Mr Platcher from being involved in the management of Growthcorp until further order of the Court.

Mr Platcher sought a number of extensions of time in order to file his affidavit evidence of defence, but failed to meet any of these deadlines. The matter was set down for hearing in the Supreme Court from 11 to 15 February 2002.

On 7 February 2002 Mr Platcher applied to the Federal Court for the annulment of his bankruptcy. On 11 February 2002 Mr Platcher was granted an adjournment of ASIC’s banning proceedings against him until the determination of his application.

ASIC’s banning proceedings were then transferred from the Supreme Court to the Federal Court, and Her Honour Justice Stone heard the two matters together.