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ASIC has banned Mr James Warren Byrnes, of Bellevue Hill, New South Wales, from managing corporations for five years.
Mr Byrnes was banned following an investigation into his involvement in four failed companies, ACN 072 951 823 Pty Ltd; Bauhaus Pyrmont Pty Limited, Curlew Apartments Pty Ltd and Cromwells Auctioneers & Valuers Rozelle Pty Ltd.
The companies were involved in a variety of businesses, including auction houses that dealt in antiques and fine art, property development and construction.
The four companies were wound up owing substantial debts to creditors, totalling $6,087,019. Unsecured creditors including trade creditors and employees were not paid more than 50 cents in the dollar.
Mr Byrnes has been banned by ASIC on a previous occasion. ASIC disqualified Mr Byrnes on 3 November 1998 from managing corporations for five years. The Administrative Appeals Tribunal (AAT) later reduced this to three years.
In relation to the latest banning, ASIC was of the view that Mr Byrnes’ management of the four failed companies demonstrated incompetence, a lack of commercial morality and a disregard for his statutory duties as a director.
Specifically, Mr Byrnes failed to assist the liquidator in the winding up of ACN 072 951 823 Pty Limited. He also continued to act in the management of ACN 072 951 823 without the authority of the liquidator, including the sale of motor vehicles owned by the company.
ASIC further found that Mr Byrnes’ conduct leading to the liquidation of above named four companies, and his conduct after the companies were placed into liquidation, was very similar to the management style and conduct which resulted in his 1998 banning.
ASIC also found that in 1999, 2000 and 2001, Mr Byrnes managed companies while disqualified.
‘ASIC will not hesitate to impose the maximum disqualification penalty in the worst cases which this clearly is’, Ms Delia Rickard, Deputy Executive Director Consumer Protection said.
Mr Byrnes has the right to appeal to the AAT for a review of ASIC’s decision.
ASIC has banned Mr James Warren Byrnes, of Bellevue Hill, New South Wales, from managing corporations for five years.
Mr Byrnes was banned following an investigation into his involvement in four failed companies, ACN 072 951 823 Pty Ltd; Bauhaus Pyrmont Pty Limited, Curlew Apartments Pty Ltd and Cromwells Auctioneers & Valuers Rozelle Pty Ltd.
The companies were involved in a variety of businesses, including auction houses that dealt in antiques and fine art, property development and construction.
The four companies were wound up owing substantial debts to creditors, totalling $6,087,019. Unsecured creditors including trade creditors and employees were not paid more than 50 cents in the dollar.
Mr Byrnes has been banned by ASIC on a previous occasion. ASIC disqualified Mr Byrnes on 3 November 1998 from managing corporations for five years. The Administrative Appeals Tribunal (AAT) later reduced this to three years.
In relation to the latest banning, ASIC was of the view that Mr Byrnes’ management of the four failed companies demonstrated incompetence, a lack of commercial morality and a disregard for his statutory duties as a director.
Specifically, Mr Byrnes failed to assist the liquidator in the winding up of ACN 072 951 823 Pty Limited. He also continued to act in the management of ACN 072 951 823 without the authority of the liquidator, including the sale of motor vehicles owned by the company.
ASIC further found that Mr Byrnes’ conduct leading to the liquidation of above named four companies, and his conduct after the companies were placed into liquidation, was very similar to the management style and conduct which resulted in his 1998 banning.
ASIC also found that in 1999, 2000 and 2001, Mr Byrnes managed companies while disqualified.
‘ASIC will not hesitate to impose the maximum disqualification penalty in the worst cases which this clearly is’, Ms Delia Rickard, Deputy Executive Director Consumer Protection said.
Mr Byrnes has the right to appeal to the AAT for a review of ASIC’s decision.
