Post: Victorian director disqualified from managing corporations

Dimitrios (James) Podaridis, of Victoria, has been disqualified from managing companies for two years after his involvement in two failed companies.

During various times between 2015 and 2018, Mr Podaridis was a director of two companies that went into liquidation:

A.C.N. 605 261 603 Pty Ltd (ACN 605 261 603) (formerly known as Champion Beverages Pty Ltd) (Champion); and
ICBC Capital Pty Ltd (ACN 140 629 296) (ICBC).
Champion operated as a product distributor in Australia and New Zealand. ICBC, which previously held an Australian Financial Services licence, provided advisory services, raised capital and traded in shares.

In making its decision, ASIC found that Mr Podaridis:

Breached his record keeping obligations in relation to both Champion and ICBC;
Breached his duties to act with due care and diligence with regard to ICBC, in that he failed to actively participate in the company’s management or take reasonable steps to monitor the company’s affairs; and
Does not adequately understand a director’s duties.
The total amount owed to creditors across both companies is estimated to be between $562,380 and $1.69 million.

In making the decision to disqualify Mr Podaridis, ASIC relied on supplementary reports lodged by Peter Gountzos and Michael Carrafa of SV Partners as liquidators of Champion, and Clifford Sanderson of Dissolve as liquidator of ICBC.

ASIC assisted the liquidators of both Champion and ICBC, to prepare supplementary reports by providing funding from the Assetless Administration Fund.

Mr Podaridis is disqualified from managing corporations until 24 May 2023.

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