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A Sydney-based director has been disqualified from managing companies for four years for his involvement in three failed companies. Two of which he failed to meet tax obligations for.
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Sydney director hit with 4-year ban over tax obligation failure
10 November 2021
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ASIC has disqualified Majid El-Debel from managing corporations until 12 October 2025 for his involvement in three companies known as So Mr I Pty Ltd, Surfers Paradise Pizza Company Pty. Limited and Masa Operations Pty Ltd, of which he was a director between 2004 and 2019.
According to the corporate regulator, So Mr I was incorporated as an investment vehicle and acted as a trustee for a family trust. Meanwhile, Surfers Paradise Pizza and Masa operated in the food services industry.
“ASIC found that Mr El-Debel failed to: act in good faith and in the best interests of So Mr I by not managing conflicts between his personal interests and the entities he managed; and ensure that So Mr I and Surfers Paradise Pizza met their tax obligations, particularly in relation to the lodgement of documents with the ATO,” a statement from ASIC said.
The corporate regulator also found that Mr El-Debel failed to pay employee entitlements of Surfers Paradise Pizza; and address insolvency issues and prevent Surfers Paradise Pizza from incurring debts when it was insolvent.
“At the time of ASIC’s decision, the three companies owed unsecured creditors $2,932,185, including $1,657,465 owed to the ATO,” ASIC said.
“In deciding to disqualify Mr El-Debel, ASIC relied on supplementary reports lodged by the liquidator of So Mr I, Paul Weston of DW Advisory and the liquidator of Surfers Paradise Pizza, Gavin Moss of Chifley Advisory.
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“ASIC assisted the liquidators of So Mr I and Surfers Paradise Pizza to prepare supplementary reports by providing funding from the Assetless Administration Fund.”
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