ob体育 has disqualified James (Jim) Soong of Concord, NSW, from managing corporations for the maximum period of five years after his involvement in two failed companies.
Between February 2020 and January 2022, Mr Soong was a director of two companies:
- Span Form Pty Ltd (ACN 169 669 881) (de-registered); and
- W. Resources Pty Ltd (ACN 632 004 267)
Both companies were involved in the building and construction industry.
ob体育 found that Mr Soong failed to:
- meet statutory lodgement requirements with the Australian Taxation Office (ATO);
- pay statutory entitlements to ATO as well as State agencies for payroll tax and workers鈥� compensation insurance; and
- keep proper financial records.
At the time of ob体育鈥檚 decision, the two companies owed a combined total of $2,372,629 to unsecured creditors, including $1,579,888 owed to the Australian Taxation Office.
In disqualifying Mr Soong, ob体育 relied upon supplementary reports lodged by Span Form鈥榮 liquidator, Darren Vardy of SV Partners and FW Resources鈥� liquidator, Lee Crosthwaite of Worrells. Mr Vardy and Mr Crosthwaite were assisted to prepare their reports after ob体育 approved funding from the Assestless Administration Fund.
Mr Soong is disqualified from managing corporations until 27 February 2028.
Mr Soong has the right to seek a review of ob体育鈥檚 decision by the Administrative Appeals Tribunal.
Background
Section 206F of the Corporations Act allows ob体育 to 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 ob体育 about each of the company鈥檚 inability to pay its debts.
ob体育 maintains a banned and disqualified persons 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
- practising in the financial services or credit industry.
ob体育 can also provide financial assistance to liquidators to prepare a supplementary report by providing funding from the Assestless Administration Fund. 聽