find the latest legal job
Senior Associate - Competition, Policy & Regulatory
Category: Other | Location: Sydney CBD, Inner West & Eastern Suburbs Sydney NSW
· Work with a well regarded Partner · Sydney CBD
View details
Commercial Litigation Senior Associate
Category: Litigation and Dispute Resolution | Location: Sydney CBD, Inner West & Eastern Suburbs Sydney NSW
· Lawyers Weekly Australia Partner of the Year 2016, Insolvency
View details
MULTIPLEX Regional Legal Counsel (Vic) | 7 to 10 years + PQE
Category: Generalists - In House | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Career defining in-house role · Tier One international contractor
View details
Junior Lawyer - Personal Injury Law
Category: Personal Injury Law | Location: Parramatta & Western Suburbs Sydney NSW
· Highly specialized practice · Challenging role with great opportunities
View details
IR Advisor/Member Advocate
Category: Industrial Relations and Employment Law | Location: St Leonards NSW 2065
· Permanent (0.8-1.0 FTE) role in a developing team
View details
Principal lawyer disqualified by ASIC

Principal lawyer disqualified by ASIC

building

A Sydney director and principal lawyer at Block Strata Lawyers has been disqualified from managing corporations for five years.

Michael John Teys’ disqualification follows his involvement in the failure of three companies, including ACN, formerly known as Teys Lawyers.

Mr Teys was also the director of TPFL and TPL Holdings. All three businesses were placed into liquidation between 2010 and 2014.

Liquidators reported that the total deficiencies owed to creditors exceeded $5 million across all three companies.

Mr Teys is a strata law specialist who currently works as a principal lawyer at Block Strata Lawyers, which he founded in 2014.

His disqualification, which will be effective until 2021, follows an ASIC investigation which found that Mr Teys breached his duties as a director, including failing to comply with financial services laws.

ASIC found that Mr Teys managed the affairs of Teys Lawyers, TPFL and TPL ”well short of the standards required of someone in his position”, according to a statement on the ASIC website.

Mr Teys’ management of Teys Lawyers and TPL led to each company incurring a deficiency.

During his leadership at Teys Lawyers, ASIC found that Mr Teys “acted with a lack of commercial morality” as he managed the company such that it preferred trade creditors over the ATO.

In addition, ASIC found that Mr Teys used his position as a director of Teys Lawyers and TPL to improperly to gain financial advantages.

According to ASIC, Mr Teys also failed to exercise due care and diligence in the management of a number of loans made by TPFL and did not ensure that documents were lodged to the ATO and ASIC.

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Principal lawyer disqualified by ASIC
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Debate, same-sex marriage, Law Society
07:05
Law Society acknowledges ‘diversity of opinion’ on same-sex marriage
The council of the Law Society of NSW has said it respects the diverse views of its members on same-...
Scales of Justice
07:00
Victoria considers legalising euthanasia
A change in law to allow voluntary assisted dying in Victoria will be considered by the State Parlia...
Old woman
07:00
Federal government ignoring elder abuse crisis, lawyer says
A Queensland lawyer has called on federal politicians to follow the lead of the Queensland governmen...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...