media release (18-101MR)

Former Noodle Box franchisee convicted for engaging in illegal phoenix activity


Ms Amy Timko, of Spreyton, Tasmania, has been convicted and sentenced after pleading guilty to two counts of fraudulent conduct under the Corporations Act 2001. On 10 April 2018, Ms Timko was sentenced to 2 months imprisonment by the Court of Petty Sessions in Hobart, which was wholly suspended on condition she not reoffend for 12 months.

Ms Timko, a former sole director of A Twisted Little Company Pty Ltd ("the Company") operated a number of Noodle Box franchises in Northern Tasmania.  Following an ASIC investigation, it was alleged that Ms Timko:

  • entered into a Bill of Sale to sell the plant and equipment of the Company for $30,000 to another company;
  • had authorised the plant and equipment to be transferred to other company without receiving the $30,000;
  • placed the Company in liquidation soon after the plant and equipment was transferred to the other company; and
  • reassigned a number of leases entered into by the Company to operate Noodle Box stores to the other company which was contrary to a franchise agreement entered into between the Company and the franchisor, Noodle Box Franchising Australia Pty Ltd.

The effect of the transfer of the plant and equipment and reassignment of the leases meant that creditors of the Company may have been denied access to the Company's assets.

The liquidator of the Company, Mr Andrew Fitzgerald, formerly of Grant Thornton Australia, lodged a statutory report with ASIC and provided assistance to investigators.

The Commonwealth Director of Public Prosecutions prosecuted the matter.


By virtue of her conviction, Ms Timko is automatically disqualified from managing corporations for 5 years from the date of her conviction.

ASIC is a member of the Phoenix Taskforce, which comprises 20 key Federal and State regulatory and enforcement agencies to regulate and enforce illegal phoenix activity.

Members of the Phoenix Taskforce are working together to share information and intelligence to identify directors and associates who use their positions dishonestly to gain a benefit for themselves or others at the expense of creditors and employees.

Illegal phoenix activity has far reaching implications, impacting the business community, employees and contractors and the government. Where tax avoidance occurs and government revenue is lost, illegal phoenix activity impacts the entire community.

Media enquiries: Contact ASIC Media Unit