Login
iscover
The unrelated directors wound up owing unsecured creditors $8.7 million and the ATO a further $1.9 million.
Newsletter
ASIC bans 3 directors for total of 12 failed companies, $10.6m debt
04 May 2023
•
12 minute read
You’re out of free articles for this month
To continue reading the rest of this article, please log in.
Create free account to get unlimited news articles and more!
ASIC has disqualified three unrelated directors for a combined total of 12 failed companies that collapsed owing more than $10.6 million between them.
Bligh Wentworth Williams of Surfers Paradise, Queensland, has copped a three-year ban over the failure of two companies, Workaholic Services and Jigsaw Workplace Holdings, which entered liquidation in May 2019 and May 2021.
The companies were involved in workplace planning, design, set-up, closure, and document management and Mr Williams was director between January 2018 and August 2020.
At the time of ASIC’s decision, the two owed a combined total of $2,053,788 to unsecured creditors including approximately $285,406 to the ATO.
ASIC found that Mr Williams failed to ensure the companies lodged BAS, income tax returns, payroll, and superannuation; failed to hold workers’ compensation insurance for employees; and failed to keep adequate financial records.
It said he also failed to invoice related entities for work by Workaholic.
==
==
The liquidators, Greengate Advisory (Workaholic) and Hall Chadwick (Jigsaw) relied on help from the Assetless Administration Fund.
Mr Williams is disqualified from managing corporations until 5 April 2026.
Antony Makris of Frankston, Victoria, was also disqualified for three years over two companies, M2O (Made Two Order) and M2O Interiors, involved in shopfitting design and installation projects, which entered liquidation owing a total of $2,444,191 to unsecured creditors including $1,092,558 to the ATO.
While director between January 2018 and March 2020, ASIC said Mr Makris failed to keep proper financial records, failed to lodge BAS and income tax returns, and failed to pay debts and taxes such as the superannuation guarantee charge. He traded M2O Interiors while knowing it was insolvent.
ASIC approved funding from the Assetless Administration Fund to assist M20 liquidator Worrells and M2O Interiors’ liquidator Rodgers Reidy to prepare reports.
Mr Makris is disqualified from managing corporations for three years until 22 March 2026.
Chin Ann David Howe has been disqualified for one year over the failure of eight companies that operated restaurants in Sydney and wound up owing $6,173,420 to unsecured creditors, including $568,886 to the ATO.
ASIC said between August 2014 and October 2022 Mr Howe was a director of four companies: TJP George, TJP Pitt, TJP Sydney, and Viadar Holdings and a de facto director of four franchise operations until November 2018: THW Sydney, THW George, THW Chatswood, and THW Pitt.
On the first four, ASIC said Mr Howe failed to be an active participant in the management and failed to oversee their business activities for a significant period, causing detriment to creditors and other third parties.
Mr Howe is disqualified from managing corporations until 29 March 2024, with an exception that permits him to continue as a director of real estate company Inouvo Habitat.
All three have the right to seek a review of the ASIC decisions by the AAT.
You are not authorised to post comments.
Comments will undergo moderation before they get published.