ASIC has disqualified Veronica Roberts, of Melbourne, Victoria, from managing corporations for a period of five years, after her involvement in four failed companies.
Ms Roberts was a director of four companies from 2018 to 2021:
- Construction Victoria Pty Ltd (ACN 616 327 863) ('Construction Victoria');
- Crete Services Pty Ltd (ACN 619 313 147) ('Crete Services');
- Titan Victoria Construction Pty Ltd (ACN 629 620 391) (de-registered) ('Titan'); and
- Empire Plant Hire Pty Ltd (ACN 626 953 580) ('Empire').
The companies operated within Victoria, engaging in the construction industry, with Titan specialising in labour hire.
ASIC found that in relation to Construction Victoria, Crete Services and Empire, Ms Roberts failed to exercise proper care and diligence in the governance of the companies. In relation to Construction Victoria and Crete Services, Ms Roberts failed to keep and maintain proper business books and records and traded these companies whilst insolvent.
Ms Roberts failed to assist the liquidator of Empire. Titan failed owing $983,000 to four unsecured creditors.
At the time of ASIC's decision, the four companies owed unsecured creditors approximately $3.5 million, which included $1.2 million for unpaid wages, superannuation, and employee entitlements.
In deciding to disqualify Mr Roberts, ASIC relied upon statutory reports lodged by Stephen Dixon of Hamilton Murphy Advisory, Melbourne, in respect of Construction Victoria, Crete Services and Titan and Mathew Gollant of CJG Advisory, Melbourne, in respect of Empire.
Ms Roberts is disqualified from managing corporations until 2 September 2030.
Ms Roberts has the right to seek a 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 company's 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
- practising in the financial services or credit industry.
