Corporate regulator the Australian Security Commission (ASIC) has banned the director of Lifestyle Audio Visual & Automation Jozsef Hefyvari from managing any corporations for two years.
ASIC banned Hegyvari of Varsity Lakes in Queensland from managing corporations on 5 February 2010 following a series of failed businesses.
Hegyvari was the director of two corporations that have been wound up, Lifestyle Audio Visual & Automation Pty Ltd and Schaffer Investments Pty Ltd. A third failed company, ACN 007 794 952 (formerly HiFi Acoustics), was also taken into consideration by ASIC.
Each company was wound-up with significant debts owing to creditors; collectively the deficiency totalled $1.7 million.
ASIC said in a statement that as the director of these companies, "Hegyvari failed to exercise due care and diligence in the performance of his duties and that two of his companies traded whilst insolvent".
In addition, Hegyvari failed to lodge documents in compliance with statutory duties.
ASIC announced today that between January 2010 and March 2010 it disqualified six directors in various industries from managing corporations following their involvement in failed companies.