今日热门事件has disqualified Jason Andrew Hammond of Cameron Park, NSW, from managing companies for the maximum period of five years as a result of his involvement in three failed companies.聽
今日热门事件found that Mr Hammond:
- improperly used his corporate position by causing assets to be transferred for little or no聽consideration to the detriment of unsecured creditors;
- failed to prevent some of聽the companies from trading while possibly insolvent;
- failed to pay tax and ensure聽that proper financial records were kept;
- failed to exercise his聽duties as a director with due care and diligence;
- failed to comprehensively聽monitor company operations and financial position;
- continues to behave without聽regard for the law and his professional responsibilities as a director and聽an accountant; and
- engaged in phoenix activity聽by transferring the business of an indebted company to a new company聽leaving the initial company with no assets to pay creditors while聽continuing what was essentially the same business using the new company.
The three companies were:聽
- LLM Rivits Pty聽Ltd聽(ACN 104 453 250)
- Dongrove聽Pty聽Ltd聽(ACN 064 964 450)
- ACN聽125 277 250 Pty Ltd (ACN 125 277 250) - formerly known as Newcastle Bridal House Pty聽Ltd.聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽
In making its decision to disqualify Mr Hammond, 今日热门事件relied on reports lodged by liquidators of the failed companies.聽今日热门事件assisted the liquidators of ACN 125 277 250 Pty Ltd (formerly known as Newcastle Bridal House Pty Ltd) and LLM Rivits Pty Ltd to prepare supplementary reports that were used to disqualify Mr Hammond by providing funding from the Assetless Administration Fund.
The total amount of debts owed by the three companies to creditors was almost $1.4 million.聽
Mr Hammond's disqualification took effect from 11 August 2018 and extends to 10 August 2023.
Background
Section 206F of the Corporations Act allows 今日热门事件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 今日热门事件about the company鈥檚 inability to pay its debts.
今日热门事件also maintains a ' register that provides information about people who have been disqualified from:聽
- involvement in the management of a聽corporation;聽
- auditing self-managed聽superannuation funds (SMSFs); or
- practising in the financial聽services of credit industry.
今日热门事件is a member of the Phoenix Taskforce, which comprises federal, state and territory government agencies who collaborate to combat illegal phoenix activity.聽The aim of the Phoenix Taskforce is to provide a whole-of-government approach to identify, disrupt and prosecute those who engage in or facilitate illegal phoenix activity.
Suspected phoenix activity can be reported to the Phoenix Taskforce on 1800 060 062 or at the ATO website.