Farm debt banking advocate charged with managing a corporation while disqualified

Geoffrey Anthony Shannon, of Port Macquarie, NSW, has been charged with managing a corporation while disqualified.

Mr Shannon was an undischarged bankrupt from 16 December 2013 to 20 February 2017, and as a result he was automatically disqualified from managing corporations during this period.

Following an ASIC investigation, it is alleged that between 20 December 2013 and 1 March 2015, Mr Shannon made or participated in making decisions that affected the whole or a substantial part of the business of a corporation, namely Business and Personal Solutions Pty Ltd ACN 167 335 195, while he was disqualified. The company provided advocacy services to clients with bank debts, many of which were farmers.

The matter was heard in the Southport Magistrates Court on 19 April 2021 and 21 June 2021. Mr Shannon was excused from attending on both occasions and was legally represented. The matter is listed for further mention at the Southport Magistrates Court on 19 July 2021.

The matter is being prosecuted by the Commonwealth Director of Public Prosecutions following a referral from ASIC.

Background

Managing a corporation while disqualified is contrary to section 206A(1) of the Corporations Act 2001 (Cth).

At the time of the alleged offending, managing a corporation whilst disqualified carried a maximum penalty of one year’s imprisonment and/or 50 penalty units.

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