Director banned from managing corporations for 5 years

ASIC has disqualified property developer and shoe wholesaler Mr John Georgiadis, 49, of Mansfield Queensland from managing corporations for a maximum period of five years.

The disqualification of Mr Georgiadis follows an ASIC investigation into his role in four failed companies G&G Enterprises (Qld) Pty Ltd, Fossmere Pty Ltd, JAG Management Pty Ltd and JDG Constructions Pty Ltd where liquidators were appointed.

The ASIC investigation revealed that Mr Georgiadis had repeatedly failed to assist the liquidators by not completing meaningful report as to affairs forms and, failing to provide books and records, and answer liquidators’ questions.

This failure to assist the liquidators prevented them from being able to properly investigate the companies’ affairs and recover their assets for the benefit of the companies’ creditors.

Mr Georgiadis has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.