ob体育 has disqualified Ms Elaine Ayoub, of Granville, New South Wales, from managing companies for a period of five years. Ms Ayoub was a director of seven聽companies that聽failed while owing the Australian Taxation Office at least $1.3 million. The Farm Wholefoods Potts Point Pty Ltd also failed owing employee entitlements. All seven companies failed within the last seven years.
The seven companies were:
- The聽Farm Wholefoods Potts Point Pty Ltd;
- Sumbar Pty Ltd;
- XXX聽Consulting Pty Ltd;
- TFW聽Enterprise Pty Ltd;
- ACN聽609 906 158 Pty Ltd;
- ACN聽127 109 326 Pty Ltd; and
- ACN聽109 708 492 Pty Ltd.
In making its decision, ob体育 found that Ms Ayoub:
- Failed to ensure that three of聽the companies complied with their obligation to lodge documents such as BAS and income tax returns with the Australian Taxation Office;
- Allowed two of the companies to聽trade whilst insolvent and incur debts totalling at least $150,000;
- Failed to ensure two of the聽companies maintained adequate financial records;
- Failed to assist Liquidators of聽three companies after their appointments by providing a Report on Company聽Activities and Property, formerly known as a Report as to Affairs, and company 聽聽聽聽 books and records; and
- Failed to understand and聽discharge her duties as a director.
ob体育 considers her most serious failure to be that she failed to participate in the management of the companies at all.聽
In making its decision to disqualify Ms Ayoub, ob体育 relied on supplementary reports lodged by the Liquidators of The Farm Wholefoods Potts Point Pty Ltd and Sumbar Pty Ltd, namely Andre Lakomy and Jason Tang of Cor Cordis and Steven Gladman of Hall Chadwick, respectively. ob体育 assisted the Liquidators of The Farm Wholefoods Potts Point Pty Ltd in preparing their supplementary report by providing funding from the Assetless Administration Fund.
The total amount of debts owed by the companies to creditors was in excess of $2 million.
Ms Ayoub's disqualification extends until 24 August 2024.
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 allege misconduct.
ob体育 also 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 of credit industry.