NSW director Gary Cutcliffe has been convicted after pleading guilty on 22 September 2023 to five offences of falsification of company books in contravention of s1307(1) of the Corporations Act 2001.

Mr Cutcliffe was released without sentence after entering into a recognizance release order to be of good behaviour for 18 months and paying a security of $500.

Mr Cutcliffe was the sole director of ice vending machine company 24-7 Ice Pty Limited.

Between around 1 May 2017 and 31 May 2017, he engaged in conduct that resulted in the falsification of books for 24-7 Ice’s affairs.

24-7 Ice was placed into administration on 27April 2017. Mr Cutcliffe instructed an employee of 24-7 to amend lease agreements, create false sales/loan agreements and a false invoice after the administrator was appointed.

As a result of his conviction, Mr Cutcliffe is automatically disqualified from managing corporations for five years from 6 October 2023.

The Commonwealth Director of Public Prosecutions prosecuted the matter following a referral from ASIC.  

Background   

The maximum penalty for each charge is 2 years’ imprisonment and/or 100 penalty units. When dealt with summarily the maximum penalty is 12 months’ imprisonment and/or 60 penalty units.