ASIC media releases are point-in-time statements. Please note the date of issue and use the internal search function on the site to check for other media releases on the same or related matters.
16-452MR Former director charged with breaching director duties
Mr James Meaden, of Invermay in Victoria, has appeared at the Magistrates Court of Victoria at Ballarat, charged with a director's duty offence under the Corporations Act.
Mr Meaden, a former sole director of Brimarco Pty Ltd (Brimarco) operated a designing, engineering and manufacturing business that specialised in purpose built and production vehicles, trailers and vehicle bodies.
ASIC alleged that Mr Meaden:
- knowingly authorised the transfer of funds from Brimarco company account to Tough As Pty Ltd, a related entity in which Mr Meaden was also a sole director, one day before Brimarco was placed in liquidation; and
- transferred the funds knowing that Brimarco had numerous creditors that were owed in excess of $2 million.
The effect of the transfer of the funds meant that creditors of the company were denied access to the company's assets after it was placed in liquidation.
The matter was in Court on 14 December 2016. The Commonwealth Director of Public Prosecutions is prosecuting the matter.
The matter has been adjourned to 8 February 2017.
The maximum penalty for the offence is 2000 penalty units or imprisonment for five years, or both.