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Regulator acts over four businesses owing a total of $1.6 million to unsecured creditors.
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ASIC bans two directors for tax and company failures
23 August 2022
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ASIC has disqualified two directors, one from NSW and one from Victoria, for failures to meet tax obligations and involvement with multiple companies that went under.
It has banned Peter Jamieson of Wagga Wagga, NSW, from managing corporations for two years over his involvement in two failed companies between July 2005 and April 2021.
Mr Jamieson was the sole director of scrap metal business WKJ Metal Recycling Pty Ltd and Peter Jamieson Pty Ltd, which traded solely in its capacity as trustee for the Peter Jamieson Family Trust and was the registered proprietor of a motel and a residential property.
ASIC found that Mr Jamieson acted improperly as a director because he failed to ensure WKJ Metal Recycling made appropriate lodgements with the ATO or kept financial records.
The two companies owed a combined total of $1,239,113.14 to unsecured creditors, including $114,381 to the ATO.
In disqualifying Mr Jamieson, ASIC relied on a supplementary report lodged by the liquidators of WKJ Metal Recycling. ASIC assisted the liquidators to prepare the report with funding from the Assetless Administration Fund. Mr Jamieson is disqualified from managing corporations until 7 August 2024.
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ASIC has also disqualified former director Kieran Morrissey of Collingwood, Victoria, from managing corporations for five years after his involvement in two failed companies.
Between 2008 and 2022, Mr Morrissey was a director of two companies – Jack Marlow Pty Ltd and Mendicant Labs Pty Ltd – which entered liquidation. Jack Marlow provided website design while Mendicant operated a software consulting business.
ASIC found that Mr Morrissey failed to ensure that Jack Marlow complied with its tax obligations or keep adequate books and records to explain why its intellectual property and clients were transferred to another company. He misused his position by transferring those assets to another company without Jack Marlow receiving proper consideration.
In making its decision, ASIC factored in Mr Morrissey’s separate prosecution and conviction for failing to submit a report on company activities and property of Mendicant and for failing to provide Mendicant’s books to the company’s liquidator.
The two companies owed a combined total of $407,409 to unsecured creditors, including $15,430.48 owing to the ATO.
In disqualifying Mr Morrissey, ASIC relied upon supplementary reports lodged by Anthony Cant of Romanis Cant as liquidator of Jack Marlow.
Mr Morrissey is disqualified from managing corporations until 12 August 2027. Both men have the right to seek a review of ASIC’s decisions by the AAT.
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