ASIC has disqualified former property developers, Anton Joseph Wilson and Melinda Jane Wilson of Hawthorn Victoria, from managing corporations for five years due to their involvement in numerous failed companies.

Mr Wilson was a director of nine companies which entered into liquidation between 2015 and 2020:

• Ian Street Developer Pty Ltd (ACN 606 629 323)
• Maemae Property Group Pty Ltd (ACN 137 982 408)
• Barkley Place Investments Pty Ltd (ACN 133 308 460)
• Global House Investments Pty Ltd (ACN 121 928 890)
• Mider@MtHotham Pty Ltd (ACN 623 300 694)
• Anacott Steel Pty Ltd (ACN 135 155 234)
• Churchill Scwartz Pty Ltd (ACN 145 728 123)
• Keller Zabel Pty Ltd (ACN 164 372 490)
• Teldar Paper Property Group Pty Ltd (ACN 101879 734)

Mrs Wilson was a director of five of those companies - Ian Street Developer, Maemae Property Group, Barkley Place Investments, Global House Investments and Mider@MtHotham.

Maemae Property Group, Barkley Place Investments, Global House Investments, Mider@MtHotham, Anacott Steel, Churchill Scwartz, Keller Zabel and Teldar Paper Property Group were in the building and construction industry.

Ian Street Developer provided project management and consulting services to the development of properties. 

ASIC found that Mr Wilson:

• managed Ian Street Developers, Maemae Property Group, Anacott Steel, Churchill Scwartz, Keller Zabel, and Teldar Paper Property Group while being disqualified from managing corporations due to being an undischarged bankrupt.

ASIC found that Mrs Wilson:

• allowed Mr Wilson to manage Ian Street Developer, Maemae Property Group and Mider@MtHotham when he was disqualified from managing corporations and allowed him to engage in serious misconduct in the management of these companies.

ASIC found that both Mr Wilson and Mrs Wilson:

• failed to ensure Ian Street Developer and Maemae Property Group complied with Australian Taxation Office (ATO) lodgment obligations; in that they:
• allowed Ian Street Developer to claim false GST credits and then use the funds for personal loans and loans to related entities: and
• allowed Maemae Property Group to loan trust distributions to related entities without making an allowance for tax payable.

• failed to ensure Ian Street Developer and Maemae Property Group correctly recorded the company’s financial position.

The total amount owed to creditors across all companies is estimated to be more than $45 million, of which approximately $21 million is owed to the ATO.

In making its decision to disqualify Mr Wilson and Mrs Wilson, ASIC relied on reports lodged by the liquidators, Mr Wesley Hathway of Helm Advisory, and Mr Paul Burness and Mr Matthew Jess of Worrells Solvency& Forensic Accountants. ASIC assisted the liquidators in preparing their supplementary reports by providing funding from the Assetless Administration Fund.

Mr Wilson and Mrs Wilson are disqualified from managing corporations until 7 February 2027.

Mr Wilson and Mrs Wilson have the right to seek a review of ASIC’s decision by the Administrative Appeals Tribunal.

Background

Section 206F of the Corporations Act allows ASIC to disqualify a person from managing corporations for a maximum period of 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 each of the company’s inability to pay its debts.

ASIC also 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
• practising in the financial services or credit industry