ASIC has disqualified Andrew Liam Parry of Wentworth Falls, NSW, from managing corporations for the maximum period of five years due to his involvement in the failure of four companies.
Between June 2014 and July 2023, Mr Parry was the director or officer of four companies that entered liquidation of:
- On Solar Aus Pty Ltd,
- Australian NBN Synergy Pty Ltd,
- Beem Pty Ltd, and
- BTC Mines Australia Pty Ltd.
ASIC found that Mr Parry was a shadow director of On Solar from 13 August 2020.
On Solar was in the business of procuring and managing the sale and installation of solar power systems. Synergy was in the business of information media and telecommunications, and both Beem and BMA were in businesses related to Bitcoin mining.
ASIC found that Mr Parry acted improperly and failed to meet his obligations as an officer when he:
- failed to maintain books and records to allow for accurate financial statements to be prepared for all companies, and in relation to one company he was involved in the falsification of books,
- failed to exercise his powers and discharge his duties with care and diligence, in good faith or for a proper purpose as a director of the four companies,
- failed to prevent insolvent trading by On Solar, and
- failed to provide assistance to the Liquidator of On Solar.
At the time of ASIC's decision, the four companies owed the combined amount of $11,085,390 of which $6,169,090 was owed to 42 unsecured creditors. Most unsecured creditors were small businesses.
In disqualifying Mr Parry, ASIC relied on a supplementary report lodged by liquidator, Desmond Teng of the liquidator's office, Byrons (formerly Moore Australia).
Byrons assisted in preparing the report after ASIC approved funding from the Assetless Administration Fund.
Mr Parry is disqualified from managing corporations until 24 May 2029.
Mr Parry has the right to seek a review of ASIC's decision by the Administrative Appeals Tribunal.
Background
On 11 December 2018, Mr Parry was convicted and fined $12,000 for breaching 530A(1) of the Corporations Act for failing to assist, and 475(1) for failing to provide a Report As To Affairs (RATA), now known as a ROCAP, to the Liquidator of Synergy.
Section 206F of the 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.
ASIC maintains a banned and disqualified persons register that provides information about people who have been disqualified from:
- involvement in the management of a corporation,
- auditing self-managed superannuation funds, or
- practising in the financial services or credit industry.
