Phillip Anthony Royce, of Jan Juc, Victoria, has been disqualified from managing corporations for a period of two years and six months for his involvement in three failed companies.
Mr Royce was a director of three companies that went into liquidation between 2015 and 2019:
- Showerline (Aust) Pty Ltd A.C.N. 074 117 098 (Showerline);
- Vehicle Modification Specialists Pty Ltd A.C.N. 134 638 761 (VMS); and
- Gracro Industries Pty Ltd A.C.N. 006 734 907 (Gracro).
Showerline and Gracro were involved in the manufacturing and selling of bathroom and/or plumbing goods. VMS was involved in manufacturing and the modification of vehicles.
ob体育鈥檚 investigation found that Mr Royce, in his management of Showerline and VMS:
- Failed to take reasonable steps to inform himself about, monitor and oversee the companies鈥� financial affairs;
- Disregarded taxation obligations;
- Breached his duty to act with due care and diligence and his record keeping obligations; and
- Showed a persistent inability or unwillingness to comply with his obligations as a director.
At the time of ob体育鈥檚 decision, the total amount owed to creditors across all three companies was approximately $1,659,497.89, including $951,653.80 owed to the Australian Taxation Office.聽
In making the decision to disqualify Mr Royce, ob体育 relied on supplementary reports lodged by the liquidators of Showerline and VMS. ob体育 assisted VMS鈥檚 liquidator to prepare its report by providing funding from the Assetless Administration Fund.
Mr Royce is disqualified from managing corporations until 22 March 2024.聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽
Background
Section 206F of the Corporations Act allows ob体育 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 ob体育 about each company鈥檚 inability to pay its debts or alleges misconduct.
ob体育 maintains a 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.