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Sydney director hit with ASIC ban over failure of 2 businesses

Reporter
18 June 2021 1 minute readShare

The corporate watchdog has disqualified a Sydney-based director from managing companies for three years.

ASIC has disqualified Yuhui Weng from managing companies for three years, until 25 May 2024, for his role in the failure of two companies, TS Kitchen Pty Ltd and 168 Removalist Pty.

The former specialised in the manufacturing of residential kitchens while the latter operated as a logistics company and provided transportation services to individuals and retailers.

As per a statement provided by ASIC, on 3 January 2019, Patrick Loi of Greengate Advisory was appointed the liquidator of 168 Removalist. On 8 February 2019, Mr Loi was appointed the liquidator of TS Kitchen.

“ASIC found that Mr Weng failed to ensure that TS Kitchen and 168 Removalist complied with their statutory obligations to pay tax liabilities; failed to provide the liquidator of TS Kitchen and 168 Removalist with the companies’ books and records; and allowed TS Kitchen and 168 Removalist to continue to trade and incur debts while insolvent,” ASIC said.

“The two failed companies owed unsecured creditors a total of $2,593,713 including $348,664 owed to the Australian Taxation Office.”

In making its decision to disqualify Mr Weng, ASIC’s statement noted that it “relied on reports lodged by the liquidator”.

“ASIC assisted Mr Loi with the preparation of supplementary reports for TS Kitchen and 168 Removalist by providing funding from the Assetless Administration Fund,” it said.

Sydney director hit with ASIC ban over failure of 2 businesses
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