ASIC has banned the director of a number of companies trading as Watch This Roof in Canberra, Darren James Penn, from managing corporations for four years.
Penn was under investigation by both ASIC and the ACT Office of Fair Trading over the closing down and insolvency of a number of companies. ASIC found that Mr Penn may have failed to carry out his duties as a director with care, diligence and good faith by offering warranties, repeatedly failing to meet his liabilities under those warranties and using the corporation structure to avoid warranties.
A RiotACT investigation looked at the issue of warranties given by Watch This Roof. We were unable to locate him at the time, but ASIC says he recently moved to the Newcastle area and has since filed for bankruptcy.
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