Overview
ASIC has disqualified Queensland director David Shane Fanning from managing any company for 5 years. The disqualification runs until 6 July 2031.
Companies involved
The disqualification relates to Fanning's role in four companies that failed between 2020 and 2022:
- Kabi Metal Fabrication Pty Ltd
- EZ Machinery Australia Pty Ltd
- Xtract Engineering and Fabrication Pty Ltd
- EZ Machinery Global Pty Ltd
The four companies collectively owed $6,045,185 to unsecured creditors, including the ATO.
Findings
ASIC found that Fanning:
- failed to keep proper financial records
- failed to meet lodgement obligations
- did not understand his director duties
- misrepresented his role to ASIC
Permitted management
Fanning has been given permission to manage one entity only: Hudson David Pty Ltd (ACN 139 413 817), which is trustee of the Fanning Superannuation Fund.
How the disqualification was supported
ASIC used liquidator reports from Jason Porter of SV Partners and Steven Gladman of Hall Chadwick to support the disqualification. Those reports were funded through the Assetless Administration Fund.
Key actions
- Anyone considering entering a business relationship with David Shane Fanning can check ASIC's banned and disqualified persons register at asic.gov.au. Fanning is banned from managing corporations until 6 July 2031.
- Liquidators with concerns about a director's conduct across failed companies can lodge supplementary reports with ASIC and apply for funding through the Assetless Administration Fund to assist their investigation.
This is a plain-English summary for information only, not legal or compliance advice. Always check the official source or consult a qualified professional.