ASIC has disqualified Kylie Jane Campbell of Broadbeach, Victoria, from managing corporations for the maximum period of five years due to her involvement in the failure of three companies operating in the property development and investment industry.
Between June 2017 and May 2022, Ms Campbell was a director of Englobo Group Holdings Pty Ltd, Agritrade Fund Pty Ltd and Entertainment Group Pty Ltd.
At the time of ASIC's decision, the three companies owed a combined total of $4.55 million to unsecured creditors, including nearly $3.3million to 21 unsecured trade creditors, $1.25m to one small business, $20,271 to the ATO and $12,465 in employee entitlements.
ASIC found that Ms Campbell did not know or understand her duties as a director and failed to discharge those duties as she had:
- failed to assist the liquidator by not submitting books and records to the liquidators of each company and not completing a ROCAP for Englobo Group Holdings Pty Ltd;
- failed to ensure that each company complied with their statutory obligations to lodge business activity statements, income tax returns and annual payment summary statements with the ATO; and
- failed to ensure that each company maintained adequate financial records.
In disqualifying Ms Campbell, ASIC relied on supplementary reports lodged by liquidators; Barry Wight of Cor Cordis and Thomas Otway of SV Partners.
ASIC assisted Mr Wight and Mr Otway to prepare their reports by providing funding from the Assetless Administration Fund.
Ms Campbell is disqualified from managing corporations until 20 January 2031.
Ms Campbell has the right to seek review of ASIC's decision by the Administrative Review 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 companies' inability to pay its debts.
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.
