ASIC has disqualified Sandro Di Donato from managing corporations for four years following his role as a director of five failed companies including Bill Express.
ASIC found that the companies, which were placed into liquidation in 2008, owed over $6 million in debts. Liquidators reported that creditors would receive less than 50 cents in the dollar.
Di Donato has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
Further, Sandro Di Donato's cousin, Enzo Di Donato was committed to stand trial in the County Court of Victoria on three criminal charges of providing false or misleading information to ASIC.
Enzo Di Donato was the sole director and secretary of 3D Salesforce which was one of a network of companies that operated from the same premises as Bill Express. He was conditionally bailed to appear again on 14 April in the County Court of Victoria.
The charges each carry a maximum penalty of two years imprisonment, an $11,000 fine, or both.
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Issue: 328 | June 2014
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