MSP director banned in phoenix crack-down

MSP director banned in phoenix crack-down

Synergy boss transferred assets to another company despite owing $1.1 million to creditors, according to ASIC

Credit: Dreamstime

The director of an insolvent IT service provider has been banned from trading following an investigation by Australia’s Phoenix Taskforce. 

Damien Harvie, the former director of Synergy Integration, was banned from managing companies for four years following an investigation due to his involvement in the failure of two companies.

According to the Australian Securities and Investments Commission (ASIC), Harvie allowed Synergy to trade insolvent and failed to maintain proper company records.

He was also said to have misused the corporate form when he transferred the business to another company, leaving insufficient assets to pay a $1.1million debt owed to creditors.

Harvie, who was also sole director of the company HSS Security, was officially disqualified on 27 February this year.

However, court liquidation process first began as far back as 2016, according to ASIC, with the final winding up taking place at the end of 2018.

The investigation was carried out by ASIC’s Phoenix Taskforce, which comprises federal, state and territory government agencies to combat the illegal business practice.

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Tags SynergyHSS Sercurity


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