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Friday 3 September 2021

21-231MR ASIC disqualifies Victorian director from managing corporations

Anthony Ronald Lawless of Maribyrnong, Victoria, has been disqualified from managing corporations for eighteen months after his involvement in three failed companies.

Mr Lawless was a director of three companies that went into liquidation in 2018 and 2020:

  • Lawless Group Pty Ltd ACN 111 524 282 (Lawless Group);
  • 4D Joinery Pty Ltd ACN 615 220 892 (4D Joinery); and
  • Boulderstone Concrete Pty Ltd ACN 615 220 909 (Boulderstone).

Lawless Group operated as a building company, 4D Joinery and Boulderstone provided joinery and concreting services.

ASIC’s investigation found that Mr Lawless failed to:

  • ensure Lawless Group and 4D Joinery complied with their obligations to pay employee superannuation entitlements;
  • understand his obligations and duties as director of Lawless Group;
  • act with the required degree of care and diligence in respect of Lawless Group by incorrectly accounting for payments totalling $491,918.82; and
  • prevent Lawless Group and 4D Joinery from incurring debts when the companies may have been trading while insolvent.

The total amount owed to creditors across all three companies was $6,576,664.56, including $1,439,462.95 owed to the Australian Taxation Office.  

In making the decision to disqualify Mr Lawless, ASIC relied on the supplementary reports lodged by the liquidators of Lawless Group and 4D Joinery. ASIC assisted the liquidators to prepare supplementary reports by providing funding from the Assetless Administration Fund.

Mr Lawless is disqualified from managing corporations until 21 February 2023.

Background

ASIC has the power 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 that were wound up and the liquidators lodge reports with ASIC about each company’s inability to pay its debts or alleging misconduct.

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

  • involvement in the management of a corporation;
  • auditing self-managed superannuation funds (SMSFs); or
  • practicing in the financial services or credit industry.
Last updated: 03/09/2021 01:28