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A NSW director, with over $5 million in debts owed to the ATO and unsecured creditors, has now been banned from managing companies for 18 months.
NSW director disqualified over $5m debt
21 February 2020
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5 minute read
ASIC has disqualified Nicola Fay Mills of Kenthurst, NSW, from managing corporations for one and a half years.
Ms Mills was a director of five failed companies, namely, Happy Tribe Pty Ltd (ACN 159 171 098); Sushi Blue Holdings Pty Ltd (ACN 169 753 208); Go Sushi (Corporate) Pty Ltd (ACN 106 006 919); Go Pacific Retail Pty Ltd (ACN 106 440 199); and Sushi Tribe Pty Ltd (ACN 105 738 010).
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The total amount collectively owed to the ATO and the unsecured creditors of the five failed companies was in excess of $5.1 million.
The corporate regulator came to its decision by finding that the companies under Ms Mills’ management were wound up with significant debts, and that in relation to Go Sushi (Corporate), those debts stemmed from Ms Mills’ management failures.
The debts from the other four companies stemmed from a further failure to undertake proper due diligence, ASIC said.
Ms Mills will be disqualified from managing corporations until 11 August 2021.
In making its decision to disqualify Ms Mills, ASIC relied on supplementary reports by Steven Gladman of Hall Chadwick, Gavin Morton of Morton’s Solvency Accountants, and Timothy Clifton of Clifton Hall.
ASIC assisted the Liquidators of Go Sushi (Corporate) and Happy Tribe to prepare their supplementary reports by providing funding from the Assetless Administration Fund.
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