Adrian Christopher Coronno and Domenico Luvera of Pacific Pines on the Gold Coast banned from managing corporations for five years

Two Gold Coast directors have been banned from managing companies for five years after running four companies that went bust owing $1.5 million.

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TWO Gold Coast directors have been banned from managing companies for five years after running four companies that went bust owing $1.5 million.

The Australian Securities and Investments Commission announced this morning that Adrian Christopher Coronno and Domenico Luvera (also known as Domenico Giglio Luvara) have been disqualified from managing corporations for five years due to their involvement in four failed companies.

The companies - Global Income Assets Pty Ltd, 360 Global Pty Ltd, Freeport Property Pty Ltd and Tradebridge 360 Pty Ltd - provided financial and insurance services, rental hire and real estate services between 2010 and 2015.

ASIC said the actions that gave rise to the penalties were:

The Australian Securities & Investment Commission has slapped a ban on two Gold Coast director from managing companies for five years.

●Mr Coronno willingly consented to be a director of the four companies but did not fulfil the duties and obligations of a director

●Mr Coronno and Mr Luvera breached their directors’ duties in respect of GIA (Global Income Assets) by failing to exercise their powers and discharge their duties in good faith and in the best interests of the company and for a proper purpose

●Mr Coronno and Mr Luvera failed to ensure that GIA and 360 Global maintained adequate books and records

ASIC said in making its decision to disqualify Mr Coronno and Mr Luvera, it had relied on reports lodged by Mackay Goodwin’s Domenic Calabretta, the liquidator for GIA and 360 Global.

Mr Coronno is disqualified from managing corporations until December 16, 2025 and Mr Luvera until January 10, 2026.

ASIC has the power under the Corporations Act to disqualify a person from managing corporations for up to five years if, within a seven-year period, that person was an officer of two or more companies that were wound up and the liquidators lodge reports about each company’s inability to pay its debts or alleged misconduct.

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