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Multimillion-dollar debts and tax failings see director disqualified

By Reporter · October 25 2018
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coin spelling debt multimillion debt tax failures director disqualified

Multimillion-dollar debts and tax failings see director disqualified

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By Reporter · October 25 2018
Reading:
egg
egg
egg
coin spelling debt multimillion debt tax failures director disqualified

The corporate regulator has disqualified a Victorian director of several failed companies after a series of issues, including $3.5 million owed to creditors by his companies and a failure to pay taxes. 

The corporate regulator has disqualified Charles Montgomery Clarke of Glen Iris, Victoria, from managing companies for the maximum period of five years.

Mr Clarke is a former director of five failed companies, including CMTC Pty Ltd; CCSLS Services (Vic) Pty Ltd; CC Specialized Landscape Services Pty. Ltd.; CCSLS Holdings Pty Ltd; and A.C.N. 144 899 007 Pty Ltd.

The total amount of debts owed by the five companies to creditors was approximately $3.5 million.

In making its decision, ASIC relied on reports that were lodged by liquidators of the failed companies. ASIC provided liquidators of CMTC and CCSLS Services with funding from the Assetless Administration Fund to prepare supplementary reports used to disqualify Mr Clarke.

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ASIC found that Mr Clarke had failed to prevent one of the companies from trading while possibly insolvent; failed to pay tax and ensure that proper financial records were kept; and failed to exercise his duties as a director.

He was also found to have failed to comprehensively monitor company operations and financial position; and engaged in phoenix activity by transferring the business of an indebted company to a new company, leaving the initial company with no assets to pay creditors.

Mr Clarke’s disqualification took effect from 7 September 2018 and extends to 6 September 2023.

Multimillion-dollar debts and tax failings see director disqualified
coin spelling debt multimillion debt tax failures director disqualified
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