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ASIC disqualifies director for insolvent trading

A Sydney director whose companies owed creditors more than $3.1 million has been banned from managing companies for two years.

Tax&Compliance John Buckley 07 June 2021
— 1 minute read

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. 

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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 to meet the tax obligations of both Conceptual Interiors NSW and Conceptual Interiors Group, too, while failing to keep insufficient records. 

Mr Donley was also found to have failed to exercise his powers and discharge his duties as a director of Conceptual Interiors NSW and Conceptual Interiors for failing to ensure both companies met their tax obligations and submit tax returns for the years before they were wound up. 

ASIC reached its decision to disqualify Mr Donley based on the reports of three liquidators, of which one was assigned to each company. 

Michael Gregory Jones of Jones Partners Insolvency and Business Recovery was in 2014 appointed liquidator of Conceptual Interiors. 

Steven Naidenov of Aston Chace Group was in 2018 appointed the liquidator of Conceptual Interiors NSW, before Louisa Men Li Sijabat was in 2019 appointed the liquidator of Conceptual Interiors Group. 

The corporate regulator assisted Steven Naidenov with a supplementary report on Conceptual Interiors NSW, as well as Louisa Meng Li Sijabat with a supplementary report on Conceptual Interiors Group. Both were provided funding from the Assetless Administration Fund. 

Mr Donley was declared bankrupt in May 2019 and has yet to be discharged. 

ASIC considered that he had effectively been prohibited from managing corporations from this date before determining the period of his disqualification.

ASIC disqualifies director for insolvent trading
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John Buckley

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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Tax&Compliance