Geoffrey Anthony Shannon, of Port Macquarie, NSW, has been found not guilty of managing a corporation while disqualified. The Southport Magistrates Court delivered its decision on 22 November 2023.

In his decision, Magistrate Bamberry found that he could not be satisfied to the requisite standard that Mr Shannon acted in a way which breached s206A(1) of the Corporations Act.

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

Background

Mr Shannon was an undischarged bankrupt from 16 December 2013 to 20 February 2017, and as a result he was automatically disqualified from managing corporations during this period.

Following an ASIC investigation, it was alleged that between 20 December 2013 and 1 March 2015, Mr Shannon made or participated in making decisions that affected the whole or a substantial part of the business of a corporation, namely Business and Personal Solutions Pty Ltd ACN 167 335 195, while he was disqualified. The company provided advocacy services to clients with bank debts, many of which were farmers.

Managing a corporation while disqualified is contrary to section 206A(1) of the Corporations Act.