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Wednesday 3 July 2019

19-169MR ASIC disqualifies NT director from managing companies for maximum 5 years

Anthony John Lyness of Palmerston, Northern Territory, has been disqualified by ASIC from managing companies for the maximum period of five years for his involvement in two failed companies.

ASIC found Mr Lyness:

  • improperly used his position as a director by transferring a vehicle, owned by the company he was a director of, to himself for little or no consideration, which caused detriment to unsecured creditors;
  • managed two failed companies so that the resources were used to pay expenses owed to others in preference to debts owed to the Australian Taxation Office (ATO);
  • demonstrated poor compliance generally by failing, on multiple occasions, to comply with statutory obligations to lodge ATO business activity statements, income tax returns, PAYG payment summaries and Taxable Payment Annual Reports;
  • failed to submit a Report as to Affairs to a liquidator; and
  • failed to provide books to a liquidator.

At the time, Mr Lyness was the director of:

  • ACN 160 467 354 Pty Ltd (formerly known as ‘Skyline Painters (NT) Pty Ltd’) - ACN 160 467 354; and
  • Skyline Painters Pty Ltd - ACN 107 861 978.

The companies had a total of $605,053 in liabilities that were owed to eight unsecured creditors.

In making its decision, ASIC relied on reports lodged by liquidators of the failed companies. ASIC provided Assetless Administration Funding to the liquidator of ACN 160 467 354 Pty Ltd to prepare a supplementary report used to disqualify Mr Lyness. 

Mr Lyness's disqualification took effect from 18 April 2019 and extends to 17 April 2024.

Last updated: 30/03/2021 09:26