This article is from the Australian Property Journal archive
THE corporate regulator has slapped a former Queensland building and construction industry director with the maximum ban for managing corporations.
The Australian Securities and Investments Commission disqualified Declan James Murphy of Palm Cove in Queensland for five years due to his involvement with the failure of three companies.
Between 2011 and 2019 Murphy was director of Mayford Contracting, Mayford Carpentry, and HSEA Group, which owed more than $10.7 million to unsecured creditors, including $562,000 in employee entitlements and over $5.2 million to the Australian Taxation Office.
ASIC found that Murphy acted improperly and failed to meet his obligations as director when he failed to ensure Mayford Contracting and Mayford Carpentry complied with their tax obligations, caused or allowed the transfer of funds from Mayford Contracting and Mayford Carpentry bank accounts into personal accounts, and failed to prevent the companies from incurring debts when they were insolvent.
ASIC can 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.
