The corporate regulator has disqualified Adrian Christopher Coronno and Domenico Luvera of Queensland-based Pacific Pines from managing corporations for five years after they failed to properly carry out their duties as directors in four failed businesses that provided a range of services including insurance.

The Australian Securities and Investments Commission (ASIC) says it made the decision based on reports lodged by the liquidator of Global Income Assets Pty Ltd and 360 Global Pty Ltd. ASIC assisted the liquidator in preparing the supplementary reports by providing funding from the Assetless Administration Fund.

The two businesses, together with Freeport Property Pty Ltd and Tradebridge 360 Pty Ltd, owed unsecured creditors more than $1.5 million at the time of ASIC’s decision.

ASIC says Mr Coronno willingly consented to be a director of the four companies but did not fulfill the duties and obligations of a director.

According to the regulator, Mr Coronno and Mr Luvera breached their directors’ duties in respect of Global Income Assets by failing to exercise their powers and discharge their duties in good faith and in the best interests of the company and for a proper purpose.

They also failed to ensure that Global Income Assets and 360 Global maintained adequate books and records.

Mr Coronno is disqualified from managing corporations until December 16 2025 and Mr Luvera until January 10 2026.