ASIC bans father and son directors for 4 years
The two were involved in the failures of three construction services companies on the NSW Central Coast.
Father and son directors of NSW construction services companies have been disqualified by ASIC for four years after the businesses failed owing a total of $1.6 million.
Anthony Murray and his son Danny Luke Murray, of Martinsville on the NSW Central Coast, were directors of Site Engineering Solutions (SES), which provided services to the mining, construction and manufacturing industries.
Anthony was also a director of MKD Custom Stainless & Design (MKD) while Danny was a director of Custom Stainless and Design (CSD), both of which provided fabrication and installation services for commercial and residential use.
When the three companies failed in 2019 they owed a total of $1.6 million, including $748,000 to the ATO.
ASIC said it relied upon statutory reports lodged by Travis Pullen of TJP Advisory, Brisbane, who was appointed liquidator of MKD; Chad Rapsey, of Rapsey Griffiths Turnaround & Insolvency, Newcastle, who was appointed liquidator of SES, and Simon Cathro of Worrells Solvency and Forensic Accountants, Sydney, who was appointed liquidator of CSD.
ASIC assisted each liquidator in preparing a supplementary report by providing funding from the Assetless Administration Fund.
Both were disqualified from managing corporations until 16 October 2027.
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 register of people banned and disqualified from involvement in the management of a corporation, auditing SMSFs or practising in the financial services or credit industry.
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