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A Queensland director has been disqualified for failing to comply with tax obligations along with racking up nearly $3 million in debt to the ATO.
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Qld director hit with ban over tax obligation failure
15 February 2022
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ASIC has disqualified former real estate industry director Andrew Robert Galbraith of Sheldon, Queensland, from managing corporations for 18 months after his involvement in four failed companies.
Mr Galbraith was a director of four companies between 2005 and 2021. Plastic Recovery Services and Three Tree Investments operated in the rental, hiring and real estate services industry. ARG Mechanical operated a mechanical workshop in conjunction with Aegina that owned plant and machinery used in that business.
“ASIC found that Mr Galbraith failed to ensure payment of statutory debts, including taxation debts owed to the Australian Taxation Office (ATO) by each of the four companies and payroll tax owed to the Office of State Revenue-Queensland (OSR-Qld) by Aegina,” ASIC stated.
Mr Galbraith also failed to act with care and diligence to ensure business activity statements and income taxation returns were lodged with ATO for Aegina and ARG Mechanical, and prevent Aegina and ARG Mechanical from trading whilst insolvent.
The total amount owed to unsecured creditors is $13,396,567.92, including $2,799,397.49 owed to ATO and $121,858.29 owed to OSR-Qld.
In deciding to disqualify Mr Galbraith, ASIC relied upon supplementary reports lodged by the liquidator of Aegina and ARG Mechanical, Terrence Rose of SV Partners, Brisbane.
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Mr Galbraith is disqualified from managing corporations until 1 August 2023.
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