ASIC has disqualified Wayne Thomas Williamson of Stanhope Gardens, NSW, from managing corporations for three and a half years due to his involvement in the failure of three companies.
Between March 1991 and November 2020 Mr Williamson was the director of three companies which entered liquidation between November 2019 and February 2021:
Active Towing Sydney Pty Ltd (ACN 003 705 539) (Active Towing Sydney);
Ryde & District Smash Repairs Pty Ltd (ACN 003 453 012) (Ryde & District Smash Repairs); and
Active Towing Enterprises Pty Ltd (ACN 079 145 887) (Active Towing Enterprises).
Active Towing Sydney was involved in towing and motor vehicle repair services, Ryde & District Smash Repairs provided labour hire services to Active Towing Enterprises, and Ryde & District Smash Repairs provided towing services to another entity.
ASIC found that Mr Williamson did not meet his obligations as a director when he failed to:
ensure the companies complied with their ATO statutory lodgement obligations;
properly use his position by entering into a sale agreement that deprived Active Towing Sydney of its only income generating assets, which included allowing for the proceeds of the sale agreement, and other funds, to be withdrawn and transferred out of the company’s bank accounts;
act in good faith of Active Towing Sydney by circumventing employment law obligations;
ensure the companies complied with the obligation to keep financial records;
prevent Ryde & District Smash Repairs from incurring debts when there were reasonable grounds to suspect they were insolvent.
At the time of ASIC’s decision, the three companies owed a combined total of $1,833,747 to unsecured creditors, including approximately $1,472,006 owed to the ATO.
In disqualifying Mr Williamson, ASIC relied on supplementary reports lodged by Active Towing Sydney’s liquidator, Mr Richard Albarran of Hall Chadwick (NSW) and Ryde & District Smash Repairs’ liquidator, Mr David Ross then of Hall Chadwick (VIC).
ASIC assisted Mr Albarran to prepare his supplementary report by approving an application for funding from the Assetless Administration Fund.
Mr Williamson is disqualified from managing corporations until 4 January 2027.
Mr Williamson’s co-director, John Vaughan Markham, has also been disqualified from managing corporations, refer 23-167MR.
Mr Williamson has the right to seek a review of ASIC’s decision by the Administrative Appeals Tribunal.