media release (22-311MR)

ASIC disqualifies former Victorian company directors


ASIC has disqualified Vincent Felice Orlando of Aspendale Gardens, Victoria and David Michael Tricarico of Prahran, Victoria from managing corporations for three years and two years respectively due to their involvement in the failure of six companies.

Between March 2017 and June 2021, both Mr Orlando and Mr Tricarico were the directors of six companies:

  • Hiride Pty Ltd (ACN 639 408 478);
  • Tempy Pty Ltd (ACN 618 156 700);
  • 6 Heath Street Pty Ltd (ACN 621 469 341);
  • 30 Pearl Street Pty Ltd (ACN 627 707 582);
  • ACN 633 228 636 Pty Ltd (ACN 633 228 636)(formerly Fiero Pty Ltd); and
  • Adepto Co Pty Ltd (ACN 607 118 374).

Hiride Pty Ltd rented vehicles while the remaining companies were involved in construction of residential developments.

ASIC found that Mr Orlando and Mr Tricarico acted improperly and failed to meet their obligations as directors when they failed to:

  • exercise their powers and discharge their duties with due care and diligence by allowing Hiride Pty Ltd to provide various loans totalling $1,775,546.00 to another company when there was no business purpose or benefit to Hiride Pty Ltd;
  • exercise their powers and discharge their duties with due care and diligence by allowing Tempy Pty Ltd to replace another company in a loan agreement which was not done for the benefit of Tempy Pty Ltd; and
  • maintain books and records for Hiride Pty Ltd.

ASIC also found that Mr Orlando failed to assist the liquidator of Hiride Pty Ltd during an examination in the Federal Court.

At the time of ASIC’s decision, the six companies owed a combined total of $14,537,868.00 to unsecured creditors.

In disqualifying Mr Orlando and Mr Tricario, ASIC relied on supplementary reports lodged by Hiride Pty Ltd’s liquidator, Sule Arnautovic of Hall Chadwick and Tempy Pty Ltd’s liquidator, Shane Cremin of Rodgers Reidy.  ASIC assisted Mr Cremin to prepare his report by providing funding from the Assetless Administration Fund.

Mr Orlando is disqualified from managing corporations until 21 October 2025.

Mr Tricarico is disqualified from managing corporations until 6 November 2024.

Mr Orlando and Mr Tricarico have the right to seek a review of ASIC’s decision by the Administrative Appeals Tribunal.


Section 206F of the Corporations Act allows ASIC to disqualify a person from managing corporations for a maximum period of 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 of the company’s inability to pay its debts.

ASIC 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
  • practising in the financial services or credit industry.
Media enquiries: Contact ASIC Media Unit