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Thursday 25 November 2021

21-315MR QLD agricultural director banned from managing corporations for five years

Giatano Barbera of Bargara, Queensland, has been disqualified from managing corporations for five years for his involvement in nine failed companies.

Mr Barbera was a director of nine companies which entered liquidation between 2012 and 2018:

  • Barbera Properties Pty Ltd (ACN 151 098 921)
  • Barbera Transport Pty Ltd (ACN 134 157 083)
  • Barbera Fresh Pty Ltd (ACN 151 098 896)
  • IPG (Global) Pty Ltd (ACN 168 335 591)
  • Old Saddleback Road Pty Ltd (ACN 096 817 211)
  • Integrated Produce Group (Australia) Pty Ltd (ACN 103 595 964)
  • Bowen Production Company Pty Ltd (ACN 118 086 990)
  • Barbera Farms Pty Ltd (ACN 115 070 598)
  • Farnsfield Pty Ltd (ACN 125 987 573)

Barbera Properties was an asset holding company for the Barbera Group, while the remaining companies were involved in agriculture, farming and property development.

ASIC found that Mr Barbera:

  • Allowed Barbera Transport to trade whilst insolvent;
  • Failed to ensure that the companies paid their taxation liabilities, superannuation and payroll tax; and
  • Failed to ensure that the companies kept proper records.

At the time of ASIC’s decision, the nine companies owed unsecured creditors a total of $53,100,557.75, with at least $3,928,771.45 owed to the Australian Taxation Office.

In making its decision to disqualify Mr Barbera, ASIC’s investigation relied on supplementary reports lodged by the liquidator of Barbera Transport, John Goggin of Worrells Solvency and Forensic Accountants, the liquidator of Barbera Fresh, Moira Carter of BRI Ferrier NQ, the liquidator of Barbera Properties, James Imray of Rodgers Reidy, and the liquidator of Old Saddleback, Aaron Lucan of Worrells Solvency and Forensic Accountants.

ASIC assisted the liquidators of Barbera Fresh and Barbera Properties to prepare supplementary reports by providing funding from the Assetless Administration Fund.

Mr Barbera is disqualified from managing corporations until 9 November 2026.

Background

Section 206F of the Corporations Act 2001 gives ASIC the power 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 each company’s inability to pay its debts.

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

  • involvement in the management of a corporation;
  • auditing self-managed superannuation funds (SMSFs); or
  • practicing in the financial services or credit industry.
Last updated: 25/11/2021 03:48