Director of motor finance company convicted of concealing a company debt

The Australian Securities and Investments Commission (ASIC) announced that Graeme Edward John Healy, of Bargara, Queensland, has been convicted and ordered to pay $3,000 in the Bundaberg Magistrates Court for engaging in conduct that resulted in the concealment of a debt.

Mr Healy was a director of Affordable Finance Facilities Pty Ltd, a motor finance company that held Australian credit licence number 392023, but has since been deregistered.

An ASIC investigation found that in May 2014, while the company was under external administration, Mr Healy agreed to repay Affordable Finance Facilities Pty Ltd $6,691.90 on behalf of a third party who borrowed the money from the company before it was placed in external administration.

After receiving payments from the third party, Mr Healy failed to pass on the money to Affordable Finance Facilities Pty Ltd. Mr Healy subsequently provided false documentation to the administrator claiming the funds had been paid in full.

In handing down his decision, Magistrate William Smith stated that Mr Healy's conduct involved the intentional concealment of funds from external administrators and was an act of dishonesty.

As a result of the conviction, Mr Healy is disqualified from acting in the management of a corporation until 17 March 2022.

Findlaw

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