Former property spruiker's five-year directorship ban upheld
Former Queensland property spruiker Dudley Quinlivan has been unsuccessful in applying to the High Court of Australia to lower his five-year company directorship disqualification.
ASIC disqualified Quinlivan from managing corporations for three years in 2008 and after an appeal to the Administrative Appeals Tribunal it was subsequently increased to five years.
He was long regarded as at the vanguard of selling overpriced southeast Queensland properties to mum and dad investors lured from other states, a claim he denied as recently as last year.
Quinlivan was disqualified due to his involvement in 14 companies that were wound up in insolvency between 2002 and 2007: National Consolidated Investments Pty Ltd, Coastal Administration Services Pty Ltd, Remi Morgan Burns Pty Ltd, Australian Financial Management Corporation Pty Ltd, Consolidated Property Investments Pty Ltd, Manorbase Pty Ltd, First Home Buyer (Aust) Pty Ltd, Ausblue Pty Ltd, Shellston Pty Ltd, Coventry Finance Pty Ltd, Rental Options Pty Ltd, Statefort Pty Ltd, Freedom Mortgages Pty Ltd and Scottsdale Homes No 10 Pty Ltd.
In the period between ASIC’s original decision to disqualify Quinlivan and the hearing of the AAT review, further companies associated with Quinlivan entered external administration. In light of these additional circumstances, ASIC expressed concern that Quinlivan continued to be involved in large-scale property developments and asked that the AAT disqualify Quinlivan for five years.
He was once denounced in Queensland's Parliament as the "King Con" of property marketeering schemes.
The AAT decision was appealed to the Full Federal Court, which affirmed the decision.
In January 2011, the 67 year old Quinlivan applied to the High Court of Australia for special leave to appeal the decision of the Full Federal Court.
After a brief hearing before the Honourable Justices Virginia Bell and Dyson Heydon AC, Quinlivan’s application was dismissed and costs were awarded to ASIC.
ASIC Commissioner Dr Peter Boxall says ASIC’s action against Quinlivan was consistent with its focus on improving industry standards and ensuring investors feel confident and informed.