ASIC disqualifies director from managing corporations for five years after engaging in illegal phoenix activity

ASIC has disqualified Queensland-based director Aaron Luke Vasicek from managing companies for five years for his involvement in four failed companies.

Between 2010 and 2018, Mr Vasicek was a director of:

Tazzy Tyres Wholesale Pty Ltd (ACN 614 938 939)
Tazzy Tyres Accessories Pty Ltd (ACN 142 192 032)
Tazzy Tyres Retail Pty Ltd (ACN 614 939 614)
Tazzy Tyres Pty Ltd (ACN 157 851 833)
The companies provided tyre and retail services.

ASIC found that Mr Vasicek:

breached his directors’ duties by engaging in phoenix activity when he transferred the assets of Tazzy Tyres Accessories and Tazzy Tyres to other companies for no consideration; and
failed to maintain proper financial records for all four companies.
At the time of ASIC’s decision, the four companies owed unsecured creditors $1,944,418 including $855,121 owed to the Australian Taxation Office.

In disqualifying Mr Vasicek, ASIC relied on supplementary reports lodged by the liquidator of the four companies, Barry Hamilton of Barry Hamilton and Associates.

Mr Vasicek is disqualified from managing corporations until 19 January 2028.

Mr Vasicek has 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.

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