Date Time
NSW director disqualified from managing corporations for four years
Vito Peter Pennimpede of Balgownie, NSW, has been disqualified from managing corporations for four years after his involvement in four failed companies. Mr Pennimpede was a director of four companies between 2016 and 2019, namely:
Fonz (Aust) Holdings Pty Ltd (ACN 151 846 669) (Fonz);
Manbead Pty Ltd (ACN 068 376 590) (Manbead);
Admark Property Group Pty Ltd (ACN 153 600 170) (Admark); and
UBC Commercial Vehicles (Australia) Pty Ltd (ACN 604 149 680) (UBC).
The four companies were involved in land acquisitions, residential property development and wholesale construction trade.
In making its decision, ASIC found that Mr Pennimpede does not adequately understand his directors’ duties. ASIC also found in relation to Fonz and Manbead (the companies) that Mr Pennimpede breached his duties by failing to: