Login
iscover
A Western Australia director has been disqualified for the maximum period over his involvement in four failed companies.
Newsletter
Failure to lodge tax documents sees director receive maximum penalty
29 November 2021
•
9 minute read
ASIC has disqualified David Michael Scofield from managing corporations for the maximum period of five years for his involvement in the following four companies that were placed into liquidation in 2020: Rhino (WA) Pty Ltd; ACN 143 444 535 Pty Ltd (formerly Action Demolition (WA) Pty Ltd); Rhino Machinery Pty Ltd; and Scofield Investments Pty Ltd.
You’re out of free articles for this month
To continue reading the rest of this article, please log in.
Create free account to get unlimited news articles and more!
Mr Scofield, who was director of the four companies, will be unable to manage corporations until 16 November 2026.
According to the corporate watchdog, Rhino (WA) and Action Demolition (WA) were involved in the asbestos removal and demolition industries, whilst Rhino Machinery held plant and equipment and Scofield Investments provided rental, hiring and real estate services.
“ASIC found that Mr Scofield failed to lodge various tax documents for all four companies; failed to maintain adequate books and records for all four companies; and failed to submit a Report on Company Activities and Property to the liquidators of Action Demolition (WA), Rhino Machinery and Scofield Investments,” ASIC said.
It noted that Mr Scofield also redirected debtors of Rhino (WA) to pay a total of $41,729.60 to related parties; and “engaged in conduct commonly referred to as illegal phoenix activity by seeking to continue to operate the business of Rhino (WA) and Action Demolition (WA) through a new entity”.
“The companies failed owing creditors over $5.5 million, with $1.8 million owing to unsecured creditors. The Australian Taxation Office was owed $242,825.74,” ASIC said.
“In making its decision to disqualify Mr Scofield, ASIC relied on supplementary reports lodged by the liquidators of all four companies. ASIC assisted the liquidators of Rhino (WA), Alexander Hugh Milne and Richard Rohrt of Hamilton Murphy, by providing funding from the Assetless Administration Fund.”
You need to be a member to post comments. Become a member for free today!
