Former Queensland company director sentenced for breaching directors’ duties

Colin Zampatti of Hope Island, Queensland, has been convicted of dishonestly breaching his directors’ duties.

Mr Zampatti had earlier pleaded guilty to breaching his directors’ duties by using his position as director dishonestly, reckless as to whether he would gain an advantage for himself.

Mr Zampatti placed R.C.G. Pty Ltd (A.C.N. 008 781 539) into liquidation without disclosing to the appointed liquidator particulars of a pre-existing lease, which had been entered into with an unrelated third party tenant, for use of land owned by RCG.

After RCG was placed in liquidation, Mr Zampatti continued to invoice and collect rental income payable under the terms of the lease, without disclosing his conduct to the company’s liquidator. A total of $2,338.60 in undisclosed rent was collected.

ASIC became aware of the conduct as a result of a report provided by the liquidator of RCG, Mr Dermott McVeigh of Avior Consulting.

ASIC assisted Mr McVeigh to prepare a supplementary report with funding from the Assetless Administration Fund.

On 16 May 2022, Mr Zampatti was convicted and fined $2000. As a result of the conviction, Mr Zampatti is automatically disqualified from managing corporations for five years until 21 March 2027.

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

Background

Mr Zampatti was charged on 6 November 2021, following an ASIC investigation (refer: 21-304MR). He pleaded guilty in the Southport Magistrates Court on 21 March 2022.

A director is required to disclose all of the assets and liabilities of the company to an appointed liquidator, and not use their position for their own benefit and to the detriment of the company.

RCG is now deregistered.

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