Five-year ban for director of three failed companies
Former Sunshine Coast director Michael James Maunder has been disqualified from managing companies for five years following his involvement in three failed firms.
The Australian Securities and Investments Commission (ASIC) said that between 2017 and 2020, Mr Maunder was a director of Digital Rebl, Media Rebl and Business Rebl that all went into liquidation. Digital Rebl and Media Rebl operated a business known as Rebl Corp which arranged finance agreements between customers and financiers in exchange for certain marketing rights from the customers.
In making its decision, ASIC found that Mr Maunder failed to exercise his powers and discharge his duties with "due care and diligence" in relation to all three companies and
engaged in conduct to gain an advantage for himself or cause detriment to Business Rebl.
It found he allowed Media Rebl to provide services to, provide loans to and accept loans from related entities, without any agreements in place to repay or recover any of the funds and failed to prevent Digital Rebl and Media Rebl from incurring debts when there were reasonable grounds for suspecting both companies were trading while insolvent.
The total deficiency across the three companies was approximately $5.6m, $3.7m of which was owed to unsecured creditors. Comment has been sought from Mr Maunder.
Originally published as Five year ban for QLD director of three failed companies