Post: NSW director disqualified from managing corporations for four years after engaging in illegal phoenix activity

ASIC has disqualified former director Giocchino Volpes from Glenhaven, NSW, from managing corporations for four years after his involvement in two failed companies.

Between 2016 and 2022, Mr Volpes was a director of two companies which operated in the automotive mechanical repair industry:

PALS (NSW) Pty Ltd (A.C.N. 609 139 353); and
Max Mobile Mechanics Pty Ltd (A.C.N. 160 405 881) (deregistered)
ASIC found that Mr Volpes:

failed to ensure payment of statutory debts owed to the Australian Taxation Office (ATO);
failed to ensure compliance with record keeping obligations;
improperly used his position as a director by paying funds intended to be paid to the ATO into two personal bank accounts to the detriment of the companies;
failed to prevent the companies from trading whilst insolvent;
failed to provide a Report on Company Activities and Property and to deliver books and records to the liquidator for PALS; and
improperly used his position as director when he transferred the business or assets of the two indebted companies to other companies. This is commonly known as illegal phoenix activity.
At the time of ASIC’s decision, the two companies owed a combined total of $1,610,000 to unsecured creditors, including $1,506,796 owed to the ATO.

In disqualifying Mr Volpes, ASIC relied upon supplementary reports lodged by David Sampson as liquidator of Max Mobile Mechanics and Paul Weston as liquidator of PALS (NSW).

Mr Volpes is disqualified from managing corporations until 9 February 2026.

Mr Volpes has the right to seek a review of ASIC’s decision by the Administrative Appeals Tribunal.

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