Two directors, four company collapses, five-year bans
If four of your companies go belly-up, the corporate cop just might perk up and take notice.
That was the case on Tuesday when ASIC announced it had slapped two Gold Coast gents with five-year bans on managing corporations.
Adrian Coronno and Domenico Luvera both oversaw the running of the four failed entities, which were focused on finance and insurance services, rental hire and real estate from 2010-15.
Collectively, the companies - trading as Global Income Assets, 360 Global, Freeport Property and Tradebridge 360 - went to the wall owing over $1.5 million to unsecured creditors.
The pair, who both reside in Pacific Pines, breached their directors' duties "by failing to exercise their powers and discharge their duties in good faith and in the best interests of the company''.
In case that wasn't enough, they also failed to maintain adequate books and records, ASIC said.
Unfortunately, City Beat had no luck tracking down the one-time business partners to get a few comments.
But we did manage to learn that Coronno most recently spent about seven years as a "managed discretionary account'' manager for Alpha Equities & Futures Ltd in Brisbane.
That entity previously acted as an arm of JB Markets, which had links to the deeply troubled investment group overseen by Stuart McAuliffe.
You might recall that he's the former Bond University academic who named a number of his investment funds after 17th century pirates. Yes, really.
If Google follows through on its threat to bail out of Australia, it would be more than just an inconvenience for most users.
It could actually prove devastating to tens of thousands of small business owners, according to a study released this week by market analysts IBISWorld.
"A lack of visibility on Google can be an economic death sentence for small businesses, as this is often a key way to attract customers outside the immediate local area and can be one of the strongest opportunities for growth,'' analyst Liam Harrison said.
"Google products including Search and Maps are a crucial channel for small businesses to connect with target customers.
"Google's exit would disrupt numerous Australian industries, which are already in a weakened state due to the COVID-19 pandemic.''
At particular risk are cafes, restaurants and other players in the hospitality space, along with hairdressers and caravan park operators.
Draft legislation now under consideration would force Google and Facebook to pay for media content on their sites.
That spectre has enraged Google, which remains the dominant player in the online ad space, controlling more than 40 per cent of the market.
Microsoft, which operates rival search engine Bing, has vowed to abide by the new laws and fill the void left if Google departs.
Bing would be the obvious go-to alternative since it has signalled that business operators can shift across their advertising at no cost.
But Harrison warns that the business transition to a different platform would not be seamless.
"A mass shift towards Bing would take time and resources that businesses would be hesitant to invest without long-term assurances that Google's exit from the market would be permanent,'' he said.
Originally published as Two directors, four company collapses, five-year bans