ASIC has disqualified Harry Neville Dickinson of Chelsea Heights, VIC, from managing corporations for two years due to his involvement in the failure of three companies.
Between August 2008 and January 2022 Mr Dickinson was the director of three companies which entered liquidation between January 2020 and January 2022:
- DFL Group Australia Pty Limited (ACN 133 442 065) (Dgroup),
- Vcomms Connect Pty Limited (ACN 160 988 205) (Vcomms), and
- Cash Plus Australia Pty Limited (ACN 132 882 690) (Cash Plus).
Dgroup was involved in the importation of ATMs. Vcomms provided smart machine network connectivity modems and leased modems from over 300 individuals, with over 32,000 modems installed across Australia. Cash Plus operated in the financial and insurance services industry.
ASIC found that Mr Dickinson did not meet his obligations as a director when he failed to:
- act with due care and diligence in his oversight of the activities of the companies,
- keep appropriate books and records for Dgroup or VComms, and
- ensure the Dgroup did not trade whilst insolvent.
At the time of ASIC’s decision, the three companies owed a combined total of $3,504,830 to unsecured creditors, including approximately $148,000 owed to the Australian Taxation Office.
In disqualifying Mr Dickinson, ASIC relied on supplementary reports lodged by the liquidator of Dgroup and Vcomms, Mr Simon Nelson of BPS Reconstruction and Recovery.
ASIC assisted Mr Nelson to prepare his supplementary for Dgroup by approving an application for funding from the Assetless Administration Fund.
Mr Dickinson is disqualified from managing corporations until 30 May 2025.
Mr Dickinson has the right to seek a review of ASIC’s decision by the Administrative Appeals Tribunal.
Background
Section 206F of the Corporations Act allows ASIC to disqualify a person from managing corporations for a maximum period of five years if, within a seven-year period, the person was an officer of two or more companies, and those companies were wound up and a liquidator provides a report to ASIC about each of the company’s inability to pay its debts.
ASIC maintains a banned and disqualified persons register that provides information about people who have been disqualified from:
- involvement in the management of a corporation,
- auditing self-managed superannuation funds (SMSFs), or
- practising in the financial services or credit industry.
