The Australian Securities and Investment Commission (ASIC) has banned Queensland directors Adrian Christopher Coronno and Domenico Luvera (also known as Domenico Giglio Luvara) from managing corporations for five years after their involvement in four failed financial services companies, including 360 Global Pty Ltd (360 Global).
The companies in the case – Global Income Assets Pty Ltd (ACN 162 284 059; GIA), 360 Global (ACN 143 565 762), Freeport Property Pty Ltd (ACN 156 480 643; Freeport), and Tradebridge 360 Pty Ltd (ACN 148 222 431; Tradebridge) – were involved in financial and insurance services, rental hire, and real estate services from 2010 to 2015.
ASIC found that Coronno willingly consented to be a director of the four companies but failed to fulfil his duties and obligations. It also found that both directors breached their director duties at GIA by failing to exercise their powers and discharge their duties in good faith and in the company's best interests. They also failed to ensure that GIA and 360 Global maintained adequate books and records.
The regulator made its decision after analysing reports lodged by the liquidator of GIA and 360 Global, Domenic Calabretta of Mackay Goodwin. It also assisted the liquidator in preparing the supplementary reports by providing funding from the Assetless Administration Fund. At the time of its decision, ASIC found that the four companies owed unsecured creditors over $1.5 million.
Coronno is not allowed to manage corporations until December 16, 2025. Meanwhile, Luvera is not allowed to manage corporations until January 10, 2026.
