ASIC has disqualified former real estate industry director Andrew Robert Galbraith of Sheldon, Queensland, from managing corporations for 18 months after his involvement in four failed companies.
Mr Galbraith was a director of four companies between 2005 and 2021. Plastic Recovery Services and Three Tree Investments operated in the rental, hiring and real estate services industry. ARG Mechanical operated a mechanical workshop in conjunction with Aegina that owned plant and machinery used in that business.
“ASIC found that Mr Galbraith failed to ensure payment of statutory debts, including taxation debts owed to the Australian Taxation Office (ATO) by each of the four companies and payroll tax owed to the Office of State Revenue-Queensland (OSR-Qld) by Aegina,” ASIC stated.
Mr Galbraith also failed to act with care and diligence to ensure business activity statements and income taxation returns were lodged with ATO for Aegina and ARG Mechanical, and prevent Aegina and ARG Mechanical from trading whilst insolvent.
The total amount owed to unsecured creditors is $13,396,567.92, including $2,799,397.49 owed to ATO and $121,858.29 owed to OSR-Qld.
In deciding to disqualify Mr Galbraith, ASIC relied upon supplementary reports lodged by the liquidator of Aegina and ARG Mechanical, Terrence Rose of SV Partners, Brisbane.
Mr Galbraith is disqualified from managing corporations until 1 August 2023.
Tony Zhang is a journalist at Accountants Daily, which is the leading source of news, strategy and educational content for professionals working in the accounting sector.
Since joining the Momentum Media team in 2020, Tony has written for a range of its publications including Lawyers Weekly, Adviser Innovation, ifa and SMSF Adviser. He has been full-time on Accountants Daily since September 2021.