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Tuesday 13 June 2017

17-182MR Director of distribution business disqualified from managing companies

Peter Thomas Gillam of Kallangur, Queensland has been disqualified by ASIC from managing corporations for four years.

Mr Gillam's disqualification follows the appointment of liquidators to four companies he managed:

  • Alliance Merchandising Pty Ltd ACN 126 232 362 (AM);
  • Alliance Sales and Merchandising Pty Ltd ACN 165 041 378 (ASM);
  • PBL Distributors Pty Ltd ACN 105 281 392 (PBL); and
  • Allploy Pty Ltd ACN 159 234 205.

As a result of information contained in reports lodged by the liquidators of the failed companies, ASIC was concerned Mr Gillam had:

  • Failed to prevent ASM from trading while insolvent;
  • Failed to ensure that AM, ASM, PBL and Allploy paid their taxes;
  • Failed to discharge his duty as a director of AM and ASM; and
  • Engaged in illegal 'phoenix activity' by transferring the assets of an indebted company to a new company and leaving insufficient assets to pay creditors.

Liquidators reported that the total amount owed to creditors exceeded $1.75 million across all four companies.

Mr Gillam is disqualified from managing corporations until 19 March 2021.

Background

Section 206F of the Corporations Act allows ASIC to disqualify a person from managing corporations for up to five years if, within a seven-year period, the person was an officer of two or more companies, and those companies were wound up and a liquidator provides a report to ASIC about the company’s inability to pay its debts.

ASIC maintains a public register of banned and disqualified persons that provides information about people who have been:

  • disqualified from involvement in the management of a corporation;
  • disqualified from auditing self-managed superannuation funds (SMSFs); or
  • banned from practicing in the financial services of credit industry.

The reports lodged by the liquidators of Alliance Merchandising Pty Ltd and Alliance Sales and Merchandising Pty Ltd were used by ASIC to make its findings.

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Last updated: 13/06/2017 01:52