Nicole Robyn Visser of Lemon Tree Passage, NSW, has been disqualified from managing corporations for four years after her involvement in three failed companies.
Between 2012 and 2021, Ms Visser was a director of:
- Almighty (Newcastle) Pty Ltd (A.C.N. 159 878 029);
- Almighty Holding Pty Ltd (A.C.N. 152 934 122); and
- Muscle Marriage Pty Ltd (A.C.N. 601 765 959).
Almighty (Newcastle) and Muscle Marriage operated businesses involved in tree and rubbish removal, demolition and excavation services. Almighty Holding operated a business of hiring machinery to Almighty (Newcastle).
In making its decision, ASIC found that Ms Visser:
- failed to ensure Almighty (Newcastle), Almighty Holding and Muscle Marriage complied with their statutory lodgement obligations;
- failed to carry out her duties as a director of the companies by:
- failing to monitor the financial position of the companies resulting in loans to related parties (including an undischarged bankrupt) that were unable to be repaid;
- allowing Almighty Holding to hire equipment to Almighty (Newcastle) when Almighty (Newcastle) had not paid hiring charges to Almighty Holding for more than 18 months; and
- allowing Almighty Holding to loan funds to Muscle Marriage when as a director she knew, or should have known, that Muscle Marriage was not in a position to repay the funds.
- improperly used her position as a director to gain an advantage for herself or cause detriment to the companies in circumstances where:
- she borrowed funds in excess of $100,000 from Almighty (Newcastle) and Almighty Holding without loan agreements and that she was unable to repay; and
- shortly prior to the winding up of Muscle Marriage she allowed assets to be sold to the detriment of creditors of the company.
- failed to take all reasonable steps to secure compliance by Muscle Marriage with its obligation to keep the written financial records required.
Ms Visser’s conduct showed a pattern of misuse of the corporate structure and fell significantly below the standard expected of an Australian director.
The total amount owed to creditors across all three companies is estimated to be more than $1.74 million, including approximately $800,000 owed to the ATO.
ASIC relied on reports lodged by the liquidator of the companies, Mitchell Griffiths of Rapsey Griffiths Insolvency and Advisory. ASIC assisted the liquidator in preparing the supplementary reports by providing funding from the Assetless Administration Fund.
Ms Visser is disqualified from managing corporations until 11 October 2025.
Background
Section 206F of the Corporations Act gives ASIC 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 alleged 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.
