ASIC disqualifies NSW director for 5 years

The failure of three companies within the construction industry has seen NSW director Genna Raber receive the maximum management disqualification period under section 206F of the Corporations Act 2001.

At the time of the decision, Myriad Development and Construction Group Pty Ltd, Render Design (Aust) Pty Ltd, and Myriad Projects (Aust) Pty Ltd owed a total of $14,536,477 to numerous creditors, including the ATO.

Between 2022 and 2024, these companies were involved in several breaches by Raber, including improper use of position to cause detriment to both Myriad Development and Myriad Projects and gain personal advantage, failure to exercise due care and diligence to endure statutory lodgment obligations regarding Render Design and Myriad Projects, and failure to keep proper financial records and prevent trading while insolvent, again involving Render Design and Myriad Projects.

Despite entering a construction and refurbishment contract for two Russian embassies around January 2020, the projects had not commenced by mid-2022, and the agreements were terminated.

In disqualifying Raber, ASIC said it relied on supplementary reports lodged by the liquidators of Myriad Development, Mitchell Ball and Gavin King of Mackay Goodwin, and the liquidator of Render Design, Christopher Darin of Worrells. ASIC assisted the liquidators in preparing reports by providing funding from the Assetless Administration Fund.

ASIC also found Raber exhibited a complete disregard for his directorial duties and no improvement in management skills or knowledge since his previous misconduct.

Having also been disqualified for two and a half years in 2019 for similar reasons – and found to have been managing Myriad Development during this period – Raber’s latest penalty will now prohibit him from managing corporations until 11 December 2030.