The liquidation of eight companies between them has seen three directors banned from management roles, after the collapses left debts totalling $26.2 million.
Larry James Matthews and Richard James Matthews were given a five-year ban from managing companies, ASIC said in a statement, while Rowena Ylaya Matthews was banned for four years. All three are from the Gold Coast in Queensland.
The companies regulator has the power to disqualify people from managing companies for up to five years if they were an officer of two or more companies that are liquidated and unable to pay their debts, or liquidators alleged misconduct, within a seven-year period.
According to ASIC, the trio were variously involved in the following eight companies, which collapsed owing creditors a combined $26.2 million:
- Bluestone Project Management Pty Ltd (ACN 137 356 659)
- Bluestone Constructions Pty Ltd (ACN 137 356 686)
- BluestoneInvest Pty Ltd (ACN 146 827 581)
- Bluestone Development Group Pty Ltd (ACN 137 356 631)
- Bluestone Administration Pty Ltd (ACN 137 356 677)
- Yarrl Property Pty Ltd (ACN 150 979 463)
- Daisyfield Securities Pty Ltd (ACN 131 212 729)
- Blackrock Developments Pty Ltd (ACN 161 715 162)
It said that all three had been directors of Bluestone Project Management.
Larry Matthews had also been a director of Bluestone Constructions and Bluestone Development Group, while Richard Matthews had been a director of Bluestone Administration, Bluestone Constructions, Bluestone Project Management and Blackrock Developments.
Meanwhile, Ms Matthews had been a director of six of the eight companies, except for Bluestone Constructions and Blackrock Developments.
ASIC deemed that all three had failed to:
- ensure their respective companies had paid taxes
- prevent the companies from trading while insolvent
- conduct their director duties with proper diligence
It added that both men had been separately banned by the Queensland Building and Construction Commission from being a director or secretary of a state-licensed company.
“In making its decision to disqualify Messrs Larry and Richard Matthews and Ms Rowena Matthew, ASIC relied on supplementary reports lodged by liquidators from Pilot Partners in relation to Bluestone Project Management; from Worrells Solvency & Forensic Accountants, in relation to Bluestone Constructions; and from Rogers Reidy in relation to BluestoneInvest,” ASIC said.
“Funding from the Assetless Administration Fund was provided to the liquidators from Pilot Partners, Worrells Solvency & Forensic Accountants and Rogers Reidy to assist in preparing the supplementary reports.”
ASIC noted that all three have the right to appeal their disqualifications in the Administrative Appeals Tribunal.