ASIC has disqualified Peter Jamieson of Wagga Wagga, NSW, from managing corporations for two years due to his involvement in the failure of two companies.
Between July 2005 and April 2021 Mr Jamieson was the sole director of two companies:
- WKJ Metal Recycling Pty Ltd ACN 151 097 362; and
- Peter Jamieson Pty Ltd ACN 115 180 053.
WKJ Metal Recycling operated a scrap metal recycling business. Peter Jamieson Pty Ltd traded solely in its capacity as trustee for the Peter Jamieson Family Trust and was the registered proprietor of a motel and a residential property.
ASIC found that Mr Jamieson acted improperly and failed to meet his obligations as director when he:
- failed to ensure WKJ Metal Recycling complied with its statutory obligations to lodge various documents with the Australian Taxation Office (ATO); and
- failed to take reasonable steps to ensure that WKJ Metal Recycling complied with its obligation to keep financial records.
At the time of ASIC’s decision, the two companies owed a combined total of $1,239,113.14 to unsecured creditors, including $114,381 owing to the ATO.
In disqualifying Mr Jamieson, ASIC relied on a supplementary report lodged by the liquidators of WKJ Metal Recycling. ASIC assisted the liquidators to prepare the report by providing funding from the .
Mr Jamieson is disqualified from managing corporations until 7 August 2024.
Mr Jamieson has the right to seek a review of ASIC’s decision by the Administrative Appeals Tribunal.
Background
Section 206F of the Corporations Act allows ASIC to disqualify a person from managing corporations for a maximum period of five years if, within a seven year period, the person was an officer of two or more companies, and those companies were wound up and a liquidator provides a report to ASIC about each of the company’s inability to pay its debts.
ASIC maintains a that provides information about people who have been disqualified from:
- involvement in the management of a corporation;
- auditing self-managed superannuation funds (SMSFs); or
- practicing in the financial services or credit industry.
