Billionaire turned bankrupt Nathan Tinkler has been banned by ASIC from managing companies for three years and nine months.
Tinkler, along with fellow directors Donna Dennis and Troy Palmer, received the bans on Wednesday due to information in reports provided by liquidators working on Tinkler's failed companies.
The corporate regulator cited "multiple serious failures" in their duty as directors of companies that included his racing empire Patinack Farm.
ASIC was concerned Tinkler, Dennis and Palmer had:
- Failed to prevent the companies from trading while insolvent
- Failed to ensure the companies paid their taxes
- Failed to discharge their duties as director
- Allowed one of the companies to deliberately operate at a loss
ASIC commissioner John Price said the disqualifications should highlight the consequences that can follow when companies are poorly managed.
"ASIC will seek to hold company directors accountable if they systematically fail to discharge their obligations when managing companies," he said.
Palmer was also given a three year and nine months ban whilst Dennis copped three years.
All Too Hard and Trusting were Group-I winning colts for Patinack Farm when the racing and breeding operation was owned by Tinkler.
