Five Star directors banned
The directors of the Five Star group of companies have been banned from directing or managing companies in New Zealand.
Wednesday, April 8th 2009, 4:04PM
Marcus MacDonald, Nicholas Kirk and Anthony Bowden were the directors of Five Star Finance, Five Star Consumer Finance and Five Star Debenture Nominee.
The Deputy Registrar of Companies Peter Baker found the directors’ failings to be “seriously fundamental” when he considered whether “the directors fully understand their duties and responsibilities”.
The report to the Registrar of Companies by the Ministry of Economic Development’s National Enforcement Unit alleged mismanagement, including: reckless trading; breaches of each of the directors’ duties under the Companies Act, and; the failure to maintain adequate books and records.
The prohibition of the three directors, which prevents them from acting as directors or promoters of a company, or being involved directly or indirectly in the management of a company, stands for the next five years.
MacDonald, Kirk and Bowden face other criminal charges relating to the collapse of the Five Star group.
| « Rates round-up | Viaduct Capital loses Crown guarantee » |
Special Offers
Commenting is closed
|
|
Printable version |
|
Email to a friend |
