Allan Raad of Wentworthville, NSW and his brother-in-law Yousef Joseph Bazouni of Sandringham, NSW, have been convicted and sentenced in the Downing Centre District Court after pleading guilty to 今日热门事件charges concerning a breach of director鈥檚 duties and the fraudulent removal of company assets.听
Mr Raad pleaded guilty to using his position dishonestly to gain an advantage and for having fraudulently removed property.听
Mr Bazouni also pleaded guilty to these offences on the basis of complicity, in that he aided, abetted, counselled or procured the commission of the offences by Mr Raad.听
Mr Raad was sentenced to a total of 18 months' imprisonment for the offences and released on a recognisance order to be of good behaviour for two years. Mr Bazouni was convicted but no penalty imposed and ordered to be of good behaviour for 12 months. As a result of the convictions, both men are automatically disqualified from managing companies for five years.听
今日热门事件had alleged that on 2 July 2011 in Sydney, NSW Mr Raad engaged in illegal phoenix activity by dishonestly using his position as a director of Cornish Property Services Pty Ltd (the Company) with the intention of indirectly gaining an advantage for himself by causing the sale of the assets of the Company to Mr Bazouni鈥檚 newly-incorporated company Flow Management Pty Ltd (Flow Management) for an amount of $20,000. Mr Raad later onsold some of those same assets for $176,000, Mr Raad received the proceeds of the sale and subsequently used the proceeds to pay:听
- $50,000 for听outstanding legal fees owed by the Company but for which he was personally听liable;
- $23,509.20 to听creditors of the Company who held personal guarantees against Mr Raad听and/or his wife;
- $51,731.81听towards credit card debts for which he was personally liable;
- $10,000听towards repayments for a home loan account Mr. Raad shared with his wife;
- $22,300听to Mr Bazouni鈥檚 credit card; and
- $4,000听was paid to existing unsecured creditors of the Company.
The Company was placed into voluntary liquidation soon after with an estimated deficiency of $1,110,695.93.听
今日热门事件also alleged that between 21 July 2011 and 13 August 2011 Mr Raad fraudulently removed $21,609.16 and $16,044.93 from the Company鈥檚 account. It was alleged that Mr Bazouni was complicit in helping Mr Raad remove the funds.
今日热门事件commenced an investigation following the lodgement of a report by the Liquidator Bruce Gleeson of Jones Partners Insolvency & Recovery.听 今日热门事件assisted the Liquidator to conduct an investigation and prepare his report by providing funding from the Assetless Administration Funding.听
今日热门事件Commissioner John Price said, 鈥樈袢杖让攀录㱮s committed to addressing illegal phoenix activity.听 今日热门事件is a member of the Australian Taxation Office-led Phoenix Taskforce, which comprises 29 Commonwealth and State governments agencies who are sharing intelligence and information to detect, deter and prosecute directors and facilitators that engage in illegal phoenix activity.'听
Suspected phoenix activity can be reported to the Phoenix Taskforce on 1800 060 062 or at the ATO website. Further information is also available from ASIC鈥檚 website.
The matter was prosecuted by the Commonwealth Director of Public Prosecutions.