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Australia : 13-020MR Sydney director banned from engaging in credit activities, Australian credit licence suspended.

ASIC has banned Harold Charles Bundy for three years effective from 17 December 2012 and suspended the Australian credit licence of his company, Ezymanagement, until 30 June 2013 after it was found he was not a fit and proper person to engage in credit activities.

An ASIC review of the information contained in the licence application lodged by Ezymanagement identified that Mr Bundy:

failed to discharge his duties as a company director with appropriate care and diligence, and in the best interests of SDX Technology, of which he was a director between 1999-2006, and Ezyware Pty Ltd, of which he was a director between 2008-2010;

had been involved in negligent or otherwise discreditable business or professional practices with Ezyware between 2005-2010;

opened a bank account in his own name in or about 2008, and received money payable to Ezyware with the intention of avoiding garnishee orders against Ezyware;

had been a director and/or substantially involved in the management of seven companies that between 1992-2009 had entered into external administration in part because of deficiencies in the management of those companies;

had been a director of a further two companies which were deregistered in 1992 and 2006, respectively.

It was also found that:

Ezyware continued to trade when Mr Bundy knew, or should have known, that from at least April 2008 Ezyware was unable to pay its debts and was therefore insolvent

Ezyware failed to lodge any income tax returns since its incorporation in January 2005.

Mr Bundy and Ezymanagement Pty Ltd filed applications for a stay and review of ASIC's decisions in the Administrative Appeals Tribunal.

On 4 February 2013, the T refused the applications for stay.

The T has not yet set a date for its review of ASIC's decisions.

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Publication:Mena Report
Date:Feb 8, 2013
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