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ISCOVER
By: Staff Reporter
A property spruiker has been disqualified from managing corporations for five years after breaching his duties as director.
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Henry Kaye was disqualified by ASIC following his involvement in 26 failed companies which provided investment and property education services to the public and the running of property investment and development activities.
The companies in the group either operated or supported the operation of these businesses.
ASIC found that Mr Kaye breached his duties as a director by failing to document significant intercompany loans within the group and to ensure that those loans were properly secured. Further, such loans were made to companies that were controlled by Mr Kaye and were not repaid, which contributed to the collapse of the group of companies.
ASIC also found that Mr Kaye repeatedly failed to maintain adequate financial records in relation to a number of companies and was not fully aware of the financial position of the main companies within the group.
Mr Kaye has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
