The corporate regulator has disqualified a Canberra real estate agent and property developer from managing corporations for two years due to his involvement in the failure of five companies.
The Australian Securities and Investments Commission said that between December 2019 and August 2021, Paul Kenneth Nimal Hamilton of Coombs was the director of five companies that went into liquidation.
The companies were involved in the development of commercial and residential properties in Canberra.
ASIC said the five companies owed a total of $11,867,702 to unsecured creditors, including $5,455,596.54 to the ATO and $19,652 to the ACT Office of Revenue.
The five companies are Lifestyle Home Account (ACT) Pty Ltd (Lifestyle Homes); 3 Property Group 13 Pty Ltd (3PG13); Be Athletic Canberra Pty Ltd (Be Athletic); ACN 601 334 749 Pty Ltd, formerly Tiger Property Group Pty Ltd (TPG); and ACN 606 934 874 Pty Ltd, formerly 3 Property Group 2 Pty Ltd (3PG2).
ASIC found that Mr Hamilton showed a lack of care and diligence and a lack of commercial morality when he agreed to act as a director of the five companies to allow the former directors to maintain their credit scores and continue to be directors of other companies in the group.
He failed to ensure 3PG2 had its tax lodgments up to date, failed to take steps to ensure the tax debts owed by Lifestyle Homes, Be Athletic, TPG and 3PG13 were paid, and failed to participate in the management of Lifestyle Homes, Be Athletic, TPG, 3PG13 and 3PG2.
ASIC relied on supplementary reports lodged by the liquidator, Stephen Hundy of Worrells and Jason Tang of Cor Cordis.
Mr Hamilton is disqualified from managing corporations until 23 October 2025.
He can seek a review of the decision at the Administrative Appeals Tribunal.