ASIC has disqualified director Mary Asha Makeny of Liverpool, NSW, from managing corporations for five years following her involvement in the failure of three companies in the security industry.
Between September 2020 and November 2021, Ms Makeny was the director of:
- Atlas Support Services Pty Ltd (ACN 652 292 021)
- All In One Security Pty Ltd (ACN 645 415 176), and
- MBNSS Pty Ltd (ACN 639 456 643).
ASIC found that Ms Makeny acted improperly and failed to meet her obligations as director when she:
- Failed to ensure the companies met their statutory lodgement requirements
- Failed to ensure the companies paid their statutory debts
- Failed to ensure the companies kept proper records
- Made illegal use of the company structures, and
- Lacked control over the businesses.
At the time of ASIC's decision, the three companies owed a combined total of $1,069,095 to unsecured creditors, including the Australian Taxation Office.
In disqualifying Ms Makeny, ASIC relied on supplementary reports lodged by the liquidator of Atlas Support Services Pty Ltd - Steven Naidenov of Aston Chace Group. ASIC assisted Aston Chace Group to prepare their reports by providing funding from the Assetless Administration Fund.
Ms Makeny is disqualified from managing corporations until 26 November 2029.
Ms Makeny 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 banned and disqualified persons register 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.
