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05-137 ASIC bans Luke Norman Butler, former director of Queensland air charter companies
Wednesday 25 May 2005
The Australian Securities and Investments Commission (ASIC) has banned Mr Luke Norman Butler, formerly of Golden Beach in Queensland, from managing corporations for three years.
ASIC imposed the ban following an investigation into Mr Butler's involvement with two air charter companies, Global Air Australia Pty Ltd (Global Air) and We Both Pty Ltd (formerly named Global Air Leasing Pty Ltd) (We Both).
Mr Butler was a director of Global Air Australia and We Both which conducted an international air charter business. ASIC found that:
Mr Butler was involved in the management of We Both during a period when he was also an undischarged bankrupt;
shortly before We Both was wound up, Mr Butler was involved in the transfer of a company asset to a related company in a way that was detrimental to the creditors of We Both;
Mr Butler's conduct included breaches of provisions of the Corporations Act 2001 relating to the requirement to keep proper books and records, and the requirement to assist in the orderly and proper winding up of companies in the interests of creditors; and
both Global Air and We Both were unable to pay creditors more than 50 cents in the dollar after being placed into liquidation.
ASIC took the action in the public interest to protect against present and future misuse of the corporate structure.
'ASIC will continue to take action against company officers who fail to comply with their legal obligations under the Corporations Act and, in doing so, put the public and businesses at risk,' ASIC's Deputy Executive Director of Enforcement, Mr Mark Steward, said.
The banning will take effect as of 7 June 2005. Mr Butler is now a resident in Ghana, West Africa.
Mr Butler has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.
Updated: 25/05/2005
About time too.......
