Port Macquarie man convicted and fined
Following an ASIC investigation, a Port Macquarie man has been convicted and fined for managing a company while he was a bankrupt.
Grant John Hives pleaded guilty in the Port Macquarie Local Court to managing T H Tippers Pty Ltd, a civil excavation and haulage company, while he was a bankrupt. On 18 June 2015 he was convicted and fined $1,100.
In May 2013 Mr Hives became bankrupt as a result of a creditors petition. The Corporations Act 2001 prohibits a bankrupt from managing corporations.
In June 2013 T H Tippers Pty Ltd was registered with ASIC and Mr Hives’ 18 year old daughter was nominated as the sole director.
ASIC’s investigation found Mr Hives made decisions that affected the whole or a substantial part of the business. He also communicated instructions or wishes to his daughter knowing that she would act in accordance with them.
The matter was prosecuted by the Commonwealth Director of Public Prosecutions.
source:- www.asic.gov.au
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