ASIC continues to take enforcement action against company directors whose actions unfairly impact small businesses with the disqualification of seven directors in the 1 April to 30 June 2024 quarter.

Some of the directors who received the maximum allowable disqualification of five years had also engaged in illegal phoenix activity and used company funds to make payments to related parties for no commercial reason. The failure of company directors to pay the ATO, employee entitlements or other creditors puts them at an unfair competitive advantage over other small proprietary companies.

These actions are part of ASIC’s enforcement priorities which aim to protect small business through action to halt harmful conduct. ASIC continues to target misconduct related to company failures and persons that engage in illegal phoenix activity that result in outstanding debts which can be harmful to other small businesses.

ASIC is dedicated to engaging with and providing proactive support for small business owners and will continue to act against individual directors to protect the wider public, employees and other businesses against the future mismanagement of companies.

The following directors were banned from managing corporations following their roles in the collapse of multiple small proprietary companies leaving many creditors unpaid including other small business creditors, employees, and the Australian Taxation Office (ATO):

Meral Altinarda

Former accommodation and food services industry director Meral Altinarda, of Keysborough, VIC, was disqualified from managing corporations for four years due to her involvement in the failure of four companies. The four companies owed a combined total of $2,199,755 to creditors, including $1,737,247 owing to the ATO. ASIC disqualified Ms Altinarda until 10 April 2028.

Julian Joesph Bignold

Former food services industry director Julian Joseph Bignold of Turramurra, NSW, was disqualified from managing corporations for three and a half years due to his involvement in the failure of two companies. The two companies owed a combined total of $12,411,959 to unsecured creditors, including $529,561 owing to the ATO. ASIC disqualified Mr Bignold until 11 October 2027.

Miroslav Jack Samardzij

ASIC previously issued a media release regarding the disqualification of former building and construction industry director Miroslav Jack Samardzija, from managing corporations for the maximum period of five years due to his involvement in the failure of three small proprietary companies, which owed a combined total of $2,344,867 to unsecured creditors, including approximately $1,031,522 to the ATO:24-078MR ASIC disqualifies QLD construction director for 5 years. ASIC disqualified Mr Samardzija until 15 April 2029.

Laurence Pereira

ASIC previously issued a media release regarding the disqualification of former electrical, refrigeration, air-conditioning, and mechanical services industries director Laurence Christopher Pereira, from managing corporations for the maximum period of five years due to his involvement in the failure of four small proprietary companies, which owed a combined total of $4,006,382 to unsecured creditors including $1,031,357 for unpaid wages, superannuation, and employee entitlements: 24-105MR ASIC disqualifies QLD director for maximum five years. ASIC disqualified Mr Pereira until 1 May 2029.

Peter Gribble

Property development and financial services industry director Peter Gribble of Turramurra NSW was disqualified from managing corporations for two and half years, until 23 November 2026, due to his involvement in four small proprietary companies which owed a combined total of $9,463,640 to 24 unsecured creditors. Many of the affected creditors were small businesses in the food industry. Peter Gribble was previously disqualified by ASIC in October 2022 from controlling financial services businesses for three years: 22-274MR ASIC bans Sydney-based director for three years over refusal or failure to pay AFCA determinations.

Andrew Liam Parry

ASIC previously issued a media release regarding the disqualification of former solar, media, telecommunications, and bitcoin mining director Andrew Liam Parry, from managing corporations for the maximum period of five years due to his involvement in the failure of four small proprietary companies, which owed a combined total of $11,085,390 to creditors: 24-114MR ASIC disqualifies NSW director for five years. ASIC disqualified Mr Parry until 24 May 2029.

Christian Oey

ASIC previously issued a media release regarding the disqualification of former financial and insurance services industry director, Christian Oey, from managing corporations for the maximum period of five years due to his involvement in the failure of two companies, which owed a combined total of $5,850,309 to creditors: 24-035MR ASIC disqualifies NSW director for maximum five years after failure of seven companies. ASIC disqualified Mr Oey until 6 June 2029.

Assetless Administration Fund
In disqualifying these directors, ASIC relied on supplementary reports lodged by the following and other liquidators after ASIC approved funding from the Assetless Administration Fund:

Nicholas Giasoumi and Adrian John Warry of Dye & Co Solvency & Turnaround were appointed liquidators of Meral Altinarda’s companies Golden Entertainment Pty Ltd and Crew Entertainment Pty Ltd
Adam Shepard of Setter Shepard was the appointed liquidator of one of Mr Bignold’s companies with Steven Neville Staatz of Vincents Chartered Accountants the liquidator for the second company belonging to Mr Bignold
Jason Porter of SV Partners is the liquidator for one of Mr Gribble’s companies, with Stephen Hathway of HELM Advisory the liquidator for another company belonging to Mr Gribble.