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Father and son struck off as directors

Adam Zuchetti
Adam Zuchetti
04 January 2018 1 minute readShare
Father and son, sunset, shadow, silhouette

The notion of family business has been put in a different light after a father and son duo were disqualified from managing companies after the failure of five businesses under their control.

Queensland man John Thomas Shannon, and his son Jason, were disqualified from holding directorships for 3.5 and four years respectively after ASIC alleged a number of breaches of director duties.

Corporate regulator ASIC said the pair had accrued large debts to the tax office and WorkCover Queensland, as well as unsecured creditors; failed to lodged documentation and maintain written financial records as required by the ATO, and also engaged in illegal phoenix activity.

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In total, creditors were owed more than $4.15 million across all five of their transport and logistics companies.

The companies in question were BTK Communications, Darling Downs Express Transport Courier Services, Darling Downs Express Transport, Darling Downs Express Transport Employment Services as well as Line Haul and Bulk.

 

ASIC noted that an individual can be banned from managing a business for up to five years if, within a seven-year period, the person is an officer of two or more companies that fail and are unable to pay outstanding debts.

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Father and son struck off as directors
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Adam Zuchetti
Adam Zuchetti

Adam Zuchetti is the former editor of MyBusiness and a senior freelance media professional, specialising in the fields of business, personal finance and property. In 2020, he also embarked on his own business journey – inspired in part by the entrepreneurs and founders he had met through his journalistic work – with the launch of customised pet gifting and subscription service Paws N’ All.

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