The Australian Securities & Investments Commission has disqualified Queensland director David Shane Fanning from managing corporations for the maximum period of five years, following his involvement in the failure of four companies between 2020 and 2022. The ban runs until 6 July 2031. The four companies owed unsecured creditors, including the Australian Taxation Office, a combined AUD 6,045,185. ASIC found that Fanning failed to take reasonable steps to ensure two of the companies kept proper financial records, failed to exercise due care and diligence to ensure they met statutory lodgement obligations, did not understand his obligations as a director, officer and general manager, failed to adequately discharge those obligations, and misrepresented his role in the companies to ASIC. The regulator said it relied on supplementary reports from the liquidators of two of the failed companies, with ASIC having provided funding support through the Assetless Administration Fund. ASIC also granted Fanning permission to manage Hudson David Pty Ltd as trustee of the Fanning Superannuation Fund. Fanning has the right to seek a review of ASIC’s decision by the Administrative Review Tribunal.
Australian Securities & Investments Commission2026-07-13
Australian Securities & Investments Commission disqualifies Queensland director David Shane Fanning for five years over four company failures
ASIC has disqualified Queensland director David Shane Fanning from managing corporations for five years, until 6 July 2031, over his role in four company failures between 2020 and 2022. ASIC found record-keeping and lodgement failures, inadequate discharge of director duties and misrepresentations about his role. The companies owed unsecured creditors, including the Australian Taxation Office, a combined AUD 6,045,185.