Director Admits to Falsifying Books

A company director, GC, has been convicted of five counts of falsifying company books under s1307(1) of the Corporations Act 2001.

GC, the sole director of 24-7 Ice Pty Limited (‘the Company’) was released without a formal sentence but had to enter a recognizance release order, committing to good behaviour for 18 months and posting a $500 security.

Between 1 May 2017 and 31 May 2017, GC engaged in activities that led to the falsification of the Company’s financial records, prompting the Company’s administration on 27 April 2017.

After the appointment of the administrator, GC instructed a Company employee to modify lease agreements, fabricate false sales/loan agreements, and create a false invoice.

As a result of his conviction, GC is automatically disqualified from managing corporations for a period of five years, starting from 6 October 2023.

The Commonwealth Director of Public Prosecutions handled the case after receiving a referral from ASIC.

Each charge carries a maximum penalty of 2 years’ imprisonment and/or 100 penalty units, with a maximum penalty of 12 months’ imprisonment and/or 60 penalty units when dealt with summarily.  Read the full ASIC media release here.