Five Star directors banned

Marcus MacDonald, Nicholas Kirk and Anthony Bowden were the directors of Five Star Finance, Five Star Consumer Finance and Five Star Debenture Nominee.

The Deputy Registrar of Companies Peter Baker found the directors’ failings to be “seriously fundamental” when he considered whether “the directors fully understand their duties and responsibilities”.

The report to the Registrar of Companies by the Ministry of Economic Development’s National Enforcement Unit alleged mismanagement, including: reckless trading; breaches of each of the directors’ duties under the Companies Act, and; the failure to maintain adequate books and records.

The prohibition of the three directors, which prevents them from acting as directors or promoters of a company, or being involved directly or indirectly in the management of a company, stands for the next five years.