Australian Securities & Investments Commission disqualifies Northern Territory director Mark Zappia for five years after five company failures

The Australian Securities & Investments Commission has disqualified Mark Zappia of Virginia, Northern Territory from managing corporations for five years, following findings of improper conduct and failures to meet director obligations across five collapsed transport and removals businesses. The disqualification runs until 7 July 2030. Between 2008 and 2019, Mr Zappia was a director of Territory People Pty Ltd, MZ and HC Removals Pty Ltd, TER Transport Pty Ltd, Aussiemove NT Pty Ltd, and TwentyForty Transport Pty Ltd, which operated in the Northern Territory or South Australia. At the time of ASIC’s decision, the companies owed unsecured creditors a combined AUD 7,049,582, including AUD 2,227,973 to the ATO, AUD 35,724 to the Department of Employment and Workplace Relations for employee entitlements, AUD 5,597 to the Government of South Australia and at least AUD 1,204,754 to trade suppliers. ASIC’s findings included failures to ensure tax debts were paid, lodgements were made and books and records were maintained, as well as misuse of Territory People funds and assets, a failure to submit a ROCAP, and allowing Territory People and MZ & HC Removals to trade while insolvent; the decision relied on supplementary reports from liquidators, with ASIC providing Assetless Administration Fund support to prepare statutory reports. Mr Zappia may seek review of ASIC’s decision by the Administrative Review Tribunal.