A Sydney director whose companies owed creditors more than $3.1 million has been banned from managing companies for two years.
ASIC has disqualified Grant Evan Donley of Sydney, NSW, from managing companies until 25 May 2023 for his role in the failure of Conceptual Interiors NSW Pty Ltd, Conceptual Interiors Group Pty Limited, and Conceptual Interiors Pty.
The three failed companies owed their creditors a total of $3.1 million, including a debt to the ATO of $792,751, and a debt to Revenue NSW worth $58,708.
The corporate regulator found that Mr Donley allowed both Conceptual Interiors NSW and Conceptual Interiors Group to trade while insolvent, when each company was unable to pay debts when they were due.
He was found to have failed…
Read the full article at: https://www.accountantsdaily.com.au/tax-compliance/15776-asic-disqualifies-director-for-insolvent-trading
