iscover Victorian director charged with breaching duties
BusinessA former director who skimmed money from her insolvent employer, which had debts to the ATO and the State Revenue Office of Victoria of more than $930,000, could now face up to 20 years in prison.
Rachel Edwards, former sole director of employment agency Westpower, on Thursday appeared in the Melbourne Magistrates’ Court facing four counts of breaching her director duties.
ASIC alleges that Ms Edwards made 175 withdrawals totalling $619,897.71 between 15 January 2010 and 23 September 2011, and moved the funds to a personal bank account, despite the company owing more than $930,000 in liabilities.
Westpower went into liquidation on 5 January 2012 with debts owed to the ATO, State Revenue Office Victoria and CGU Insurance.
Under the Corporations Act, Ms Edwards faces a maximum penalty of 2,000 penalty units, or five years of imprisonment, or both, for each charge.
ASIC facilitated a supplementary liquidation report via its Assetless Administration Fund, undertaken by Paul Vartelas of BK Taylor and Co.
The matter was mentioned before the court on 9 April and adjourned for further committal mention on 11 June.
John Buckley
John Buckley is a journalist at Accountants Daily.
Before joining the team in 2021, John worked at The Sydney Morning Herald. His reporting has featured in a range of outlets including The Washington Post, The Age, and The Saturday Paper.
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