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ASIC moves to disqualify tax-failing directors

The corporate regulator has disqualified three Gold Coast directors from managing corporations on the count of a number of contraventions, including failing to ensure their companies paid tax.

Business Jotham Lian 07 January 2020
— 1 minute read

ASIC has disqualified Larry James Matthews, Richard James Matthews and Rowena Ylaya Matthews, of Broadbeach, Queensland, from managing corporations.

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Mr Larry Matthews and Mr Richard Matthews have both been disqualified for five years and Ms Matthews has been disqualified for four years.

The Matthews managed eight companies between them, including Bluestone Project Management, Bluestone Constructions, BluestoneInvest, Bluestone Development Group, Bluestone Administration, Yarrl Property, Daisyfield Securities and Blackrock Developments.

Liquidators have since been appointed to the eight companies.

In making its decision to disqualify the Matthews, ASIC relied on supplementary reports lodged by liquidators from Pilot Partners in relation to Bluestone Project Management; from Worrells Solvency & Forensic Accountants in relation to Bluestone Constructions; and from Rogers Reidy in relation to BluestoneInvest.

ASIC found that Mr Larry Matthews had failed to exercise his duties as a director with due care and diligence, failed to ensure Bluestone Project Management and Bluestone Constructions had paid taxes, failed to prevent Bluestone Project Management and Bluestone Constructions from trading while insolvent, improperly used his position to gain an advantage for a related entity and was excluded by the Queensland Building and Construction Commission (QBCC) from being a director or secretary of a QBCC-licensed company.

It found that Mr Richard Matthews had failed to exercise his duties as a director with due care and diligence, failed to ensure Bluestone Project Management and Bluestone Constructions had paid taxes, failed to prevent Bluestone Constructions from trading while insolvent and was excluded by the QBCC from being a director or secretary of a QBCC-licensed company.

It also found that Ms Matthews had failed to exercise her duties as a director with due care and diligence, failed to ensure Bluestone Project Management and BluestoneInvest had paid taxes, failed to prevent Bluestone Project Management and BluestoneInvest from trading while insolvent and improperly used her corporate position to gain an advantage for a related entity.

The total amount of debts owed by the companies to creditors exceeded $26.2 million.

Funding from the Assetless Administration Fund was provided to the liquidators from Pilot Partners, Worrells Solvency & Forensic Accountants and Rogers Reidy to assist in preparing the supplementary reports.

Mr Larry Matthews is disqualified from managing companies from 10 December 2019 to 9 December 2024.

Mr Richard Matthews is disqualified from managing companies from 11 November 2019 to 10 November 2024.

Ms Rowena Matthews is disqualified from managing companies from 17 December 2019 to 16 December 2023.

All three disqualified directors have the right to appeal to the Administrative Appeals Tribunal.

ASIC moves to disqualify tax-failing directors
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Jotham Lian

Jotham Lian

Jotham Lian is the news editor of Accountants Daily, the leading source of breaking news, analysis and insight for Australian accounting professionals.

Before joining the team in 2017, Jotham wrote for a range of national mastheads including the Sydney Morning Herald, and Channel NewsAsia.

You can email Jotham at: This email address is being protected from spambots. You need JavaScript enabled to view it. 

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