02/407 Victorian man sentenced on insolvent trading charges
Monday 11 November 2002
Mr Peter John Neagoe of Berwick, Victoria, was sentenced today in the Melbourne Magistrates Court after pleading guilty to five charges of insolvent trading worth $545,175.
Judge Hicks sentenced Mr Neagoe to two years and nine months jail, to be suspended upon Mr Neagoe entering into a $2,000 good behaviour bond for three years.
As a result of the conviction, Mr Neagoe is also prohibited from taking part in the management of companies for five years.
Mr Neagoe was the managing director of Twintara Pty Ltd, a building company that operated under the name Eastern Park Developments, in the Berwick area. The company built homes in Melbourne’s outer eastern suburbs.
ASIC alleges that between January 2000 and May 2000 Mr Neagoe failed to prevent Twintara from incurring debts while the company was insolvent.
Twintara was placed into liquidation on 12 July 2000 with debts to creditors of over $2.1 million.
The charges were laid following an investigation by the Australian Securities and Investments Commission (ASIC) and were prosecuted by the Commonwealth Director of Public Prosecutions.
ASIC Website: Printed 02/10/2010
