4 collapsed companies and $3m in debt: Qld director disqualified by ASIC

On Tuesday (14 April), ASIC revealed it had disqualified Coolangatta-based company director David John Parker from managing corporations for the maximum period of five years.

Parker had been involved in the failure of four companies, ASIC found: Quality Corporate Management, Carnz Restaurant Services, Complete Home & Marine and All Concrete SLD.

At the time of ASIC’s decision, the companies collectively owed $3 million to unsecured creditors, including $1 million in debts to the ATO.

The regulator found that Parker had “acted improperly” in failing to ensure that his companies lodged outstanding business activity statements, annual income taxation returns and PAYG payment summaries. He also failed to ensure they repaid outstanding tax debts in a timely manner.

ASIC added that he had failed to ensure that the companies maintained adequate books and records. Quality Corporate Management failed to properly record approximately $19 million worth of inflows and outflows to its bank accounts, the regulator found.

Parker also failed to secure control over All Concrete SLD’s bank account, enabling its former director to retain access to the funds held, collect debts and make payments to third parties.

When All Concrete underwent liquidation, Parker also failed to complete and submit a report on company activities and property (ROCAP) within the required time frame.

Following ASIC’s decision, Parker was disqualified from managing corporations until 24 March 2031, a period of five years.

Quality Corporate Management had sourced and supplied labour in security services, while Carnz Restaurant Services provided labour hire to several hospitality businesses.

Complete Home & Marine specialised in home enhancements including custom home theatre outfitting, ‘smart home’ electronics and under-floor heating. All Concrete offered construction services for residential and commercial projects including earthmoving and road construction.

Parker has the right to seek a review of ASIC’s decision by the Administrative Review Tribunal.