Matthew John Murray of Rooty Hill, NSW, has been disqualified from managing corporations for the maximum period of five years.
Mr Murray was a director of five failed companies between 2015 and 2018, namely:
- Kekcucci Pty Ltd (ACN 126 115 106);
- Dawn Trade Pty Ltd (ACN 169 892 817);
- Roadhouse Investments Pty Ltd (ACN 139 533 332);
- M&M Building Supplies Pty Ltd (ACN 095 051 200); and
- Pinnacle Group (NSW) Pty Ltd (ACN 610 523 085).
The five companies were involved in labour hire in the construction industry.
In making its decision, ASIC found that Mr Murray failed to:
- prevent the companies from trading whilst insolvent;
- lodge the companies’ tax returns with the ATO and to pay tax; and
- provide proper books and records to the liquidators.
The total amount owed to unsecured creditors by the companies is $2,915,921.61, including $1,520,641.69 owed to the ATO.
In deciding to disqualify Mr Murray, ASIC relied upon supplementary reports lodged by the liquidator of Kekcucci, Ozem Kassem of CorCordis, the liquidators of Dawn Trade and Roadhouse Investments, David Ingram and Steven Gladman of Hall Chadwick, and the liquidator of M&M Building Supplies and Pinnacle, Gavin Moss of Chifley Advisory.
ASIC assisted the liquidators of Dawn Trade and Pinnacle to prepare a supplementary report by providing funding from the Assestless Administration Fund.
Mr Murray is disqualified from managing corporations until 8 March 2027.
Mr Murray has the right to seek a review of ASIC’s decision by the Administrative Appeals Tribunal.
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.
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.