This article is from the Australian Property Journal archive
MELBOURNE builder and property developer Anthony Kelly has been disqualified from managing corporations following the $50 million collapse of his companies.
The Australian Securities and Investments Commission has banned Kelly from managing corporations for a maximum period of five years.
He was disqualified following his involvement in two failed companies, Linc Construction Group Pty Ltd and AML Construction Pty Ltd.
At the time of liquidation, Linc Construction owed $10.69 million to 199 secured and unsecured creditors and AML Construction owed $42.025 million to 131 unsecured creditors.
ASIC found that between 2005 and 2008, Kelly, as sole director, company secretary and shareholder of Linc Construction improperly used his position on a number of occasions to gain an advantage for himself or someone else to the detriment of the company.
Further, ASIC found that Kelly may have permitted both Linc Construction and AML Construction to trade while insolvent incurring debts that they were unable to pay and failing to satisfy their statutory liabilities.
These included making superannuation contributions on behalf of employees and making payments to the Australian Taxation Office and State Revenue Office.
Kelly has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
Australian Property Journal
