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Professional Misconduct

Mark Baranov


Address: Caulfield North, Melbourne, Victoria, Australia
Sex: Male
Occupation: Financial services
Date: 15 November 2012


Details



ASIC has disqualified Mr Mark Baranov of Caulfield North, Victoria, for two years, and Ms Antonia Baranov of Cheltenham, Victoria, for eighteen months following an investigation.

The disqualifications follow ASIC’s investigation into the pair's roles in Bar Um Pty Ltd (Bar Um) and MIB Systems Pty Ltd (MIBS). 

On 23 March 2005 a liquidator was appointed to MIBS, with the company owing nine creditors a total of $919,141. The liquidator’s estimated dividend to unsecured MIBS’ creditors was between nil and ten cents in the dollar.

On 20 January 2009 a liquidator was appointed to Bar Um, with the company owing 27 creditors a total of $2,986,909. The liquidator’s estimated that there would be no dividend to unsecured creditors.

ASIC’s investigation revealed that Mr Baranov, who was a director of Bar Um between 22 September 2003 and 31 March 2008 and a director of MIBS since March 2004:



  • did not assist the liquidator to locate items in relation to MIBS;

  • failed to take reasonable steps to ensure that financial records were maintained in relation to Bar Um;

  • failed to assist the liquidator with the provision of information and certain company records in relation to Bar Um; and

  • failed to act with the reasonable care and diligence in allowing Bar Um to trade for a prolonged period in circumstances where its expenses exceeded its income.



ASIC’s investigation revealed that Ms Baranov, who was a director of Bar Um between 31 March 2008 and 20 January 2009 and a director of MIBS between 23 September 2003 and 5 August 2006:



  • failed to take an active part in the management of Bar Um and MIBS;

  • failed to inform herself of all of the activities of Bar Um and MIBS; and

  • breached her duties as a director of Bar Um and MIBS by failing to take reasonable care and act diligently and in the best interests of the companies.


Bar Um and MIBS operated a commercial storage business in Little Collins Street, Melbourne in Victoria which involved the sale of lots in the storage facility and assignment of leases to those lots.