The Australian Securities and Investments Commission (ASIC) has banned Andrew Liam Parry of Wentworth Falls, NSW, from managing companies for a maximum period of five years over his involvement in the failure of four companies.
Between June 2014 and July 2023, Mr Parry was a director or director of four companies that went into liquidation:
- At Solar Aus Pty Ltd,
- Australian NBN Synergy Pty Ltd,
- Beem Pty Ltd, and
- BTC Mines Australia Pty Ltd
ASIC found that Mr Parry had been a shadow director of On Solar since 13 August 2020.
On Solar engaged in the supply and management of the sale and installation of solar energy systems. Synergy was in media and telecommunications, and both Beem and BMA were in businesses related to Bitcoin mining.
ASIC found that Mr Parry acted improperly and failed to fulfill his duties as an officer when:
- failed to keep books and records enabling the preparation of accurate financial statements for all companies and in relation to one company engaged in falsification of books,
- failed to exercise his powers and perform his duties with care and diligence, in good faith or for a proper purpose as a director of the four companies,
- failed to prevent Insolvent transactions by On Solar and
- failed to provide assistance to On Solar’s liquidator.
At the time of ASIC’s decision, the four companies owed a total of $11,085,390, of which $6,169,090 was owed to 42 unsecured creditors. Most unsecured creditors were small businesses.
In disqualifying Mr Parry, ASIC relied on a supplementary report submitted by the liquidator, Desmond Teng of the liquidator’s office, Byrons (formerly Moore Australia). Byrons helped prepare the report after ASIC approved funding from the Assetless Administration Fund.
Mr Parry is disqualified from managing companies until 24 May 2029. He has the right to seek a review of ASIC’s decision by the Administrative Appeals Tribunal.