Peter Douglas Leggett of Greendale, Victoria, has been disqualified from managing corporations for five years after his involvement in eight failed companies.
Mr Leggett was a director of eight companies between 2005 and 2020:
- A1X Crane Hire Pty Ltd (ACN 610 697 642);
- International Hire Aust Pty Ltd (ACN 602 215 903);
- Crane X Pty Ltd (ACN 167 896 148);
- ACN 117 602 427 Pty Ltd (formerly known as Leggett Cranes Pty Ltd)
- Crane Crew Operations Australia Pty Ltd (ACN 1155 165 969);
- ACN 152 744 322 Pty Ltd (formerly known as International Crane Crew Pty Ltd);
- Osarch Cranes Pty Ltd (ACN 144 749 619); and
- Leggett Employment Pty Ltd (ACN 129 682 702).
A1X Crane Hire, International Hire Aust, Crane X, Leggett Cranes, Crane Crew Operations and Osarch Cranes were involved in the construction industry, International Crane Crew was involved in the education and training industry, and Leggett Employment was involved in administration and support services.
In making its decision, ASIC found that Mr Leggett failed to:
- take reasonable steps to guide and monitor the management of, and to maintain familiarity with, each of the corporations;
- maintain written financial records for International Crane Hire and Crane X; and
- deliver all books of International Hire Aust in his possession to the company's liquidator as soon as practicable after it was wound up.
At the time of ASIC's decision, the eight companies owed unsecured creditors $3,790,975, of which at least $2,649,869 is owed to the Australian Taxation Office.
In deciding to disqualify Mr Leggett, ASIC's investigation relied on supplementary reports lodged by the liquidator of International Hire Aust, Robert Ditrich of PwC and the liquidator of Crane X, Ray Sutcliffe, a chartered accountant. ASIC assisted the liquidator of International Hire Aust to prepare a supplementary report by providing funding from the Assetless Administration Fund.
Mr Leggett is disqualified from managing corporations until 8 November 2026.
Background
Section 206F of the Corporations Act 2001 gives ASIC the power to disqualify a person from managing corporations for up to five years if, within a seven-year period, the person was an officer of two or more companies that were wound up and the liquidators lodge reports with ASIC about each company's inability to pay its debts or alleged misconduct.
ASIC also maintains a banned and disqualified persons register that provides information about people who have been disqualified from:
- involvement in the management of a corporations;
- auditing self-managed superannuation funds (SMSFs); or
- practicing in the financial services or credit industry.
