The former director of two related construction companies has been banned from managing companies for four years, after alleged insolvent trading and racking up debts of more than $78 million.
Melbourne man Craig Hall Walton copped the ban by ASIC over his role in two failed businesses: Walton Construction and Walton Construction (QLD).
According to ASIC, creditors of the two businesses are owed more than $78 million.
In reaching its decision, ASIC determined that Mr Walton had failed to act responsibly and within his duties of care as a company director by not paying relevant taxes, continuing to trade while potentially insolvent and using his corporate position for personal advantage.
The regulator did not disclose what that “advantage” entailed.
As a result of the ban, Mr Walton be ineligible to from managing a business until 26 June, 2022.
Walton Construction was registered in July 1993, while the Queensland business was registered in in June 2002. Both have since collapsed and are subject to external administration.
ASIC maintains a searchable database of banned and disqualified directors, enabling businesses to check the legitimacy of any firms they are looking to partner or engage with.
Adam Zuchetti is the editor of My Business, and has steered the publication’s editorial direction since early 2016.