Former Director Disqualified after Transferring Business and Leaving Insufficient Assets to Pay Creditors

ASIC has disqualified former director Mr Damien John Harvie of Ormeau Hills QLD from managing corporations for four years following his involvement in the failure of two companies.

Mr Harvie was the sole director of two companies placed into liquidation:

• HSS Security Pty Ltd A.C.N. 163 883 761; and
• Synergy Integration Pty Ltd A.C.N. 600 586 632.

In making an order to disqualify Mr Harvie, ASIC found that he:

• failed to maintain proper company records;
• continued to allow Synergy Integration Pty Ltd to trade whilst it was insolvent; and
• misused the corporate form when he transferred the business to another company, leaving insufficient assets to pay creditors.

At the time of the appointment of the liquidators, the companies had a combined total debt exceeding $1.1 million owed to creditors.

In making the order to disqualify former director Mr Harvie, ASIC relied on the supplementary reports lodged by Mr Steven Staatz and Mr Nick Combis, liquidators of HSS Security Pty Ltd and Mr Philip Newman and Mr David Quin, liquidators of Synergy Integration Pty Ltd.  The liquidators received funding from the Assetless Administration Fund.

Mr Harvie’s disqualification took effect from 27 February 2020.