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A former director who skimmed money from her insolvent employer, which had debts to the ATO and the State Revenue Office of Victoria of more than $930,000, could now face up to 20 years in prison.
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Victorian director charged with breaching duties
26 April 2021
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4 minute read
Rachel Edwards, former sole director of employment agency Westpower, on Thursday appeared in the Melbourne Magistrates’ Court facing four counts of breaching her director duties.
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ASIC alleges that Ms Edwards made 175 withdrawals totalling $619,897.71 between 15 January 2010 and 23 September 2011, and moved the funds to a personal bank account, despite the company owing more than $930,000 in liabilities.
Westpower went into liquidation on 5 January 2012 with debts owed to the ATO, State Revenue Office Victoria and CGU Insurance.
Under the Corporations Act, Ms Edwards faces a maximum penalty of 2,000 penalty units, or five years of imprisonment, or both, for each charge.
ASIC facilitated a supplementary liquidation report via its Assetless Administration Fund, undertaken by Paul Vartelas of BK Taylor and Co.
The matter was mentioned before the court on 9 April and adjourned for further committal mention on 11 June.
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