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15-034MR Perth businessman convicted of managing a company while disqualified
Perth businessman David Briffa has been convicted and fined $2,000 following an ASIC investigation. It was found Mr Briffa acted as general manager of The Merchant Master Franchisor (Aust) Pty Ltd between 13 May 2009 and 11 May 2012, despite declaring bankruptcy in May 2009.
A bankrupt individual is automatically disqualified from managing a company unless they obtain court permission or until their bankruptcy ends.
Mr Briffa pleaded guilty to one charge of participating in making decisions that affected the whole, or a substantial part of, the business of the company while disqualified.
'ASIC is all about fair and efficient markets. A big part of this is cracking down on individuals who continue to manage companies despite their disqualification due to criminal convictions or bankruptcy', said ASIC Commissioner Greg Tanzer.
The Commonwealth Director of Public Prosecutions prosecuted the matter.