Non-compliant director of RE fined $10,000
A man who was the founder and former director of a company which was the responsible entity for two managed investment schemes has been fined $10,000 for failing to assist the liquidator appointed to his three companies.
The Australian Securities and Investments Commission (ASIC) said the man, Mark McIvor, had been the founder and director of Gold Coast-based Equititrust Limited.
The regulator said McIvor, of the Gold Coast, had been found guilty in the Brisbane Magistrates Court following six charges laid by ASIC for failing to provide a Report as to Affairs and deliver books and records to the liquidators of Chevron Capital Pty Ltd, MHSM Holdings Pty Ltd and SM Capital Pty Ltd within 14 days of the winding up order for each company.
Commenting on the conviction, ASIC commissioner, Greg Tanzer said McIvor's conviction was one of 143 criminal actions taken by ASIC over the past six months against directors of proprietary limited companies who had breached their obligations under the Corporations Act 2001.
Equititrust Limited was the responsible entity of two managed investment schemes which were wound up in 2011 and 2012, owing approximately $200 million to 1600 investors.
Recommended for you
A strong demand for core fixed income solutions has seen the Betashares Australian Composite Bond ETF surpass $1 billion in funds under management, driven by both advisers and investors.
As the end of the year approaches, two listed advice licensees have seen significant year-on-year improvement in their share price with only one firm reporting a loss since the start of 2025.
Having departed Magellan after more than 18 years, its former head of investment Gerald Stack has been appointed as chief executive of MFF Group.
With scalability becoming increasingly important for advice firms, a specialist consultant says organisational structure and strategic planning can be the biggest hurdles for those chasing growth.
