The Australian Securities & Investments Commission (ASIC) has disqualified Simon John Raftery from managing corporations for 2 years and 6 months, citing his involvement in five failed companies including Aussie Frozen Fruit Pty Ltd and four entities operated as the In2Food Group. At the time of ASIC’s decision, the five companies owed about AUD 43 million to unsecured creditors. In2Food Group owed about AUD 32.3 million to around 650 unsecured creditors and more than AUD 330,000 in employee entitlements. Aussie Frozen Fruit owed about AUD 10.4 million to unsecured creditors, including about AUD 8 million to around 184 trade creditors, as well as AUD 18,720 to the Australian Taxation Office and AUD 148,603 to the Department of Employment and Workplace Relations. ASIC found Aussie Frozen Fruit was insolvent during its final six months of trading, that Mr Raftery was aware of the insolvency, and that the company incurred further debts to trade creditors during that period; ASIC relied on supplementary reports from the companies’ liquidators. Mr Raftery applied to the Administrative Review Tribunal on 4 July 2025 to review ASIC’s decision and sought stay and confidentiality orders, but the tribunal refused those orders on 26 February 2026. The substantive review application remains ongoing.
Australian Securities & Investments Commission 2026-03-12
Australian Securities & Investments Commission disqualifies Simon Raftery from managing corporations for two and a half years over five failed companies
The Australian Securities & Investments Commission (ASIC) disqualified Simon John Raftery from managing corporations for 2 years and 6 months due to his involvement in five failed companies owing about AUD 43 million to unsecured creditors. ASIC found Aussie Frozen Fruit Pty Ltd was insolvent during its final six months, with Mr. Raftery aware while incurring further debts. His application for stay and confidentiality orders was denied by the Administrative Review Tribunal, with the substantive review still pending.