iscover ASIC disqualifies director for ‘complete disregard of duties’
BusinessA director of four failed companies that owed the ATO approximately $3.7 million in total has been disqualified from managing corporations.
Lambros Hilellis has been disqualified from managing corporations for five years due to the failure of Grade One Security Monitoring Rangers Pty Ltd, Atlantis Services Aust Pty Ltd, Polyseal Waterproofing Qld Pty Ltd, and Apollo Security Pty Ltd.
Together, the four companies owed an approximated total $12.4 million to unsecured creditors, $3.7 million of which was owed to the ATO.
According to ASIC, Hilellis’ lack of honesty and integrity are more severe and belong to the worst category of misconduct.
The government body found a failure to act in good faith and in the best interests of Grade One Security by allowing the payment of $197,000 to third parties without reasonable explanation, failing to meet statutory lodgement obligation, improperly using his position to cause a detriment by causing false income tax returns, failing to keep proper financial records, failing to act with care and diligence by way of lending money to related companies without reasonable prospects of repayment, and trading while insolvent within Atlantis Services.
Supplementary reports were lodged by liquidator Stephen Hundy and Chad Rapsey of Rapsey Griffiths, with ASIC assistance in the preparation of reports through the Assetless Administration Fund.
Hilellis was disqualified for the maximum period of five years under section 206F of the Corporations Act 2001, and is therefore unable to manage corporations until 29 March 2031.
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Amelia is a Professional Services Journalist with Momentum Media, covering Lawyers Weekly, HR Leader, Accountants Daily and Accounting Times. She has a background in technical copy and arts and culture journalism, and enjoys screenwriting in her spare time.
