Management: Former company director continued exercised functions while disqualified

Kallonas was found guilty on 15 September 2011 in the Melbourne Magistrates’ Court of one charge of managing a company while an undischarged bankrupt contrary to section 206A(1)(a) of the Corporations Act 2001 (Corporations Act). He was fined $2,000.The Court found that Kallonas, despite being disqualified, participated in decisions that affected a substantial part of the business of Smartcash, including decisions in relation to an agreement between Smartcash and Multelink Services Pty Ltd. and agreements with merchants. Kallonas has been an undischarged bankrupt since 25 July 2000.