Both the Companies Registrar and the Financial Markets Authority say they will oppose any application from former National Finance director Trevor Allan Ludlow to manage a company.
Ludlow, who was jailed in 2011 but granted parole in January this year, appeared in court this morning before Justice Mary Peters. Mr Ludlow is banned from managing a company until December 13, 2016, as convicted directors are all subject to automatic five-year management bans under the Securities Act.
The convicted fraudster told Justice Mary Peters in the High Court at Auckland he has been in talks with the FMA about the work he is doing for company called UFB Civil 5.2.
That company is in receivership and liquidation. According to the first report from liquidator Grant Reynolds, the company was a subcontractor which was trenching and installing fibre optic cable in the Auckland region.
UFB Civil 5.2 went into liquidation on June 20 with debts of almost $1 million. According to a Fairfax report, it had employed up 50 people up until March this year.
Today Justice Peters directed the parties to work out whether Ludlow what wants to do for the company constitutes management and therefore will require a waiver on the management ban.
FMA litigation manager Paul O’Neil told Justice Peters that while on the face of it Ludlow’s application doesn’t appear to be one for management, he and the Companies Registrar will oppose waiving the ban if it comes to it.
Justice Peters said if Ludlow wants to apply for an exemption, he needs to make another application because the application before the court was not the appropriate one.
The parties are to appear again in court on September 1.
Victoria Young
Mon, 11 Aug 2014
Mon, 11 Aug 2014
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Authorities will oppose Ludlow management ban waiver
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