A businessman has had his four-year ban from managing companies upheld by the Federal Court following his appeal against the disqualification by ASIC.
In July last year, Perth man Rodney Charles Carter was given the ban for his involvement in six failed businesses. They were:
• Voiceworks IT
• Voiceworks (Australasia)
• First Homebuyers Group (Australia)
• Standard Publishing House (Aust)
• S P H Holdings
The Australian Securities & Investments Commission (ASIC) has the power to ban directors for up to five years if, within a seven-year period, they hold senior positions with at least two companies that collapse and are unable to pay their debts.
Mr Carter lodged an appeal in the Federal Court of Australia, claiming he had not been properly served notice and therefore his banning could not be enforced.
The court rejected his claim, finding that he had been properly served with notice, and therefore his disqualification still stands.
His disqualification from managing companies will continue until 30 July 2021.
Individuals banned from positions of leadership within a business are listed on ASIC’s banned and disqualified register.
Earlier this week, the government announced it would slash the fees for using the register.
Adam Zuchetti is the editor of My Business, and has steered the publication’s editorial direction since early 2016.