An explosive legal opinion from an eminent former Federal Court judge and former Royal Commissioner condemns Liberal Anna Finizio’s claim she was a director “on paper” of a company which subsequently collapsed, owing millions of dollars.
According to former Federal Court judge and former Royal Commissioner Raymond Finkelstein KC, a so-called “sleeping director” is “in breach of their fundamental obligations” as a company director:
“To summarise, under modern company law there is no room for a “sleeping” director.
“Every director is required to know what their company is doing.”
This damning legal opinion raises more questions about her record as a company director and her business credentials.
The company, Formway Group aka FG Pty Ltd, provided meter supply, installation, and maintenance services to electricity asset owners in the national metering market.
Finizio was a director of the company from 2009 to 2010, 2011 to 2012 and again from 2014 to 2017.
FG failed to generate a profit from Financial Year 2016 onwards and collapsed in 2019, owing more than $20 million, including $4.5 million in unpaid taxes and $1.6 million in unpaid workers’ entitlements.
Finizio has told media she was merely a director “on paper” and claimed to have “had no involvement” in the company’s operations.
As put by Tom Koutsantonis
This explosive legal opinion from an eminent former Federal Court judge and former Royal Commissioner is damning for Anna Finizio and raises more questions about her record as a company director and her business credentials.
This legal opinion is a damning repudiation of Finizio’s claim she was a director “on paper” of a company which subsequently collapsed.
According to former Federal Court judge Mr Finkelstein KC: “To put the matter quite simply, a “sleeping” director, that is a director who pays no attention to the affairs of their company is in breach of their fundamental obligations.”
FG Pty Ltd collapsed in 2019, owing $4.5 million in unpaid taxes and $1.6 million in unpaid workers’ entitlements.
Finizio has airbrushed from history her involvement in the collapsed firm – which spanned a period of eight years – with no reference to her directorship on her LinkedIn page.
Finizio must explain whether she stands by her claim she was only a director of FG Pty Ltd “on paper”.
On what legal basis has she made this claim?
Does she disagree with the legal opinion of an eminent former Federal Court judge?
Can the people of Dunstan expect she will only be a representative for them “on paper”?
The people of Dunstan deserve better.
