According to the Australian Securities and Investment Commission which regulated both public and private companies, Street not only failed in her duties as a director but caused the transfer of assets from a failing company to another with which she continued the business.

Street was a director of two companies from 2010 to 2019:

* Steven & Joan Pty Ltd (ACN 118 428 916) (S&J) that operated in the construction industry (liquidator appointed 22/02/2019); and
* Tutti Famiglia #1 Pty Ltd (ACN 146 217 254) (Tutti Famiglia) that operated in the accommodation and food services industry (liquidator appointed 28/03/2019).

In making its decision, ASIC found that Street:

* failed to exercise her duties as a director of S&J with due care and diligence;
* improperly used her position as a director of S&J to gain an advantage for herself or someone else, or caused detriment to S&J by:
* allowing S&J to enter into a sale agreement with a related entity, Federation Solid Plastering Pty Ltd (ACN 631 183 296) (Federation Solid) to transfer the assets and business of S&J for AUD6,806.31 - an amount that Federation Solid subsequently did not pay. Once the assets and business were transferred, Federation Solid continued to operate a substantially similar business to S&J. This conduct is commonly known as illegal phoenix activity;
* allowing S&J to obtain loans totalling $552,000 knowing the company was in financial distress and unlikely to be in a position to repay the money; and
* authorising transactions from S&J’s bank account for purposes that appear to be personal in nature;
* failing to ensure that S&J maintained adequate books and records;
* failing to assist the liquidators of S&J and Tutti Famiglia; and
* failing to prevent S&J from incurring debts totalling approximately AUD618,000 when the company was most likely insolvent.

The companies had a combined total debt exceeding AUD1 million owed to creditors.

In disqualifying Street, ASIC relied on reports lodged by the liquidator of S&J, Brent Leigh Morgan of Rodgers Reidy and the liquidator of Tutti Famiglia, Adam Bernard Preiner of O’Brien Palmer. ASIC assisted the liquidator of S&J in preparing a supplementary report by providing funding from the Assetless Administration Fund.

Street is disqualified from managing corporations until 14 December 2024.

ASIC is a member of the Phoenix Taskforce, which comprises federal, state and territory government agencies who collaborate to combat illegal phoenix activity. The aim of the Phoenix Taskforce is to provide a whole-of-government approach to identify, disrupt and prosecute those who engage in or facilitate illegal phoenix activity.