Credit: Photo 131794642 / Asic © Ricky Kresslein | Dreamstime.com
The Australian Securities and Investments Commission (ASIC) has disqualified former director Kieran Morrissey from managing corporations for five years after his involvement in two failed companies.
Between 2008 and 2022, Morrissey was a director of two companies which entered liquidation, including the web design and development services provider Jack Marlow and software consulting business Mendicant Labs.
During an investigation, ASIC found that Morrissey failed to ensure that Jack Marlow complied with its tax obligations, along with allegations that he failed to keep adequate books and records that explained why the company's intellectual property and clients were transferred to another company, or deliberately misused his position as a director.
In making its decision, ASIC also factored in Morrissey’s separate prosecution and conviction for failing to submit a report on company activities and property (ROCAP) of Mendicant and for failing to provide Mendicant’s books to Anthony Cant of Romanis Cant, the company’s liquidator at the time.
At the time of ASIC’s decision, the two companies owed a combined total of $407,409 to unsecured creditors, including $15,430.48 owing to the ATO.
In disqualifying Morrissey, ASIC relied upon supplementary reports lodged by Cant, who was also the liquidator of Jack Marlow.
Morrissey is disqualified from managing corporations until 12 August 2027 and has the right to seek a review of ASIC’s decision by the Administrative Appeals Tribunal.
