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Wednesday 24 May 2017

17-151MR Three former co-directors banned from managing companies

ASIC has disqualified Mr Nathan Tinkler, Ms Donna Dennis and Mr Troy Palmer from managing companies for between three and four years for multiple serious failures in their duty as directors.

Mr Tinkler's three-years and nine-months disqualification follows the appointment of liquidators to 11 companies he managed:

  • Ocean Street Holdings Pty Ltd
  • Tinkler Group Pty Ltd
  • Tinkler Group Holdings Administration
  • Monegeetta Holdings Pty Ltd
  • Patinack Farm Holdings No 4 Pty Ltd
  • Patinack Farm Holdings No 8 Pty Ltd
  • Thoroughbred Administration Pty Ltd
  • Aston Metals Limited
  • Patinack Farm Administration Pty Ltd
  • Mulsanne Resources Pty Ltd
  • Supercar International Holdings Ltd

Ms Dennis' three-year disqualification follows the appointment of liquidators to nine companies she managed:

  • Ocean Street Holdings Pty Ltd
  • Thoroughbred Administration Pty Ltd
  • Hunter Sports Special Events Pty Ltd
  • Tinkler Group Pty Ltd
  • Tinkler Group Holdings Administration Pty Ltd
  • Monegeetta Holdings Pty Ltd
  • Patinack Farm Holdings No 4 Pty Ltd
  • Patinack Farm Holdings No 8 Pty Ltd
  • Newcastle Jets Football Operations Pty Ltd

Mr Palmer's three-years and nine-months disqualification follows the appointment of liquidators to nine companies he managed:

  • Thoroughbred Administration Pty Ltd
  • Newcastle Jets Football Operations Pty Ltd
  • Ocean Street Holdings Pty Ltd
  • Aston Metals Limited
  • Patinack Farm Administration Pty Ltd
  • Mulsanne Resources Pty Ltd
  • Supercar International Holdings Ltd
  • The Supercar Club Pty Ltd
  • TSCCF Pty Ltd

As a result of information contained in reports provided by the liquidators of the failed companies, ASIC was concerned Mr Tinkler, Ms Dennis and Mr Palmer had:

  • failed to prevent the companies from trading while insolvent;
  • failed to ensure the companies paid their taxes;
  • failed to discharge their duties as a director; and
  • allowed one of the companies to deliberately operate at a loss.

Mr Tinkler and Mr Palmer were each disqualified from managing companies for three years and nine months, effective from 18 May 2017 and 12 May respectively. Ms Dennis has been disqualified from managing corporations for three years, effective from 22 May 2017.

ASIC Commissioner John Price said, 'The disqualifications imposed on these directors should highlight the consequences that can follow when companies are poorly managed. ASIC will seek to hold company directors accountable if they systemically fail to discharge their obligations when managing companies'. 

Background

Section 206F of the Corporations Act allows ASIC to 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, and those companies were wound up and a liquidator provides a report to ASIC about the company’s inability to pay its debts.

ASIC also maintains a public register of banned and disqualified persons that provides information about people who have been:

  • disqualified from involvement in the management of a corporation;
  • disqualified from auditing self-managed superannuation funds (SMSFs); or
  • disqualified from practising in the financial services of credit industry.
Last updated: 23/05/2017 12:00