ASIC has disqualified former Melbourne property spruiker, Mr Henry Kaye, from managing corporations for five years.

Mr Kaye was disqualified following his involvement in 26 failed companies which provided investment and property education services to the public and the running of property investment and development activities. The companies in the group either operated or supported the operation of these businesses.

ASIC found that Mr Kaye breached his duties as a director by failing to document significant intercompany loans within the group and to ensure that those loans were properly secured. Further, such loans were made to companies that were controlled by Mr Kaye and were not repaid, which contributed to the collapse of the group of companies.

Further details are available at ASIC.