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17-187MR ASIC bans South Australian director of failed companies for four years
ASIC has disqualified former director Mr Colin Geoffrey Oxlade, of Adelaide, from managing companies for four years.
Mr Oxlade's disqualification follows the appointment of liquidators to two companies he managed:
- Vanilla Management & Investment Group Pty Ltd (ACN 140 550 787)
- Africa Uranium Ltd (ACN 123 144 347)
ASIC also found that:
- Mr Oxlade has a history as the director of multiple failed companies and unpaid creditors over a period of at least 12 years;
- in the case of three companies - Ox Marketing Pty Ltd, Vanilla Group and Africa Uranium - the amount owed to creditors was substantial; and
- Mr Oxlade's own management of the companies contributed to their failure
Mr Oxlade's disqualification took effect from 8 June 2017.
ASIC Commissioner John Price said, 'The community expects the highest standards from directors and ASIC is committed to taking steps to remove unsuitable directors from office to protect consumers and creditors in dealing with those companies.'
Mr Oxlade has the right to seek a review of ASIC's decision by the Administrative Appeals Tribunal.