media release (16-253MR)

Company director disqualified from managing corporations

Published

ASIC has disqualified Mr Christopher Moylan, of New Lambton, New South Wales, from managing corporations for four years.

The disqualification follows ASIC's investigation into Mr Moylan's roles in Moylan Business Solutions Pty Ltd (MBS), MCD Holdings Pty Ltd (MCD), Moylan Investment Group Pty Ltd (MIG), Wallalong Investments Pty Ltd, Decrawood Pty Ltd and Moylan Business Solutions Trust (the Trust).

MBS operated as an accounting business, taxation and business consulting practice and Mr Moylan was its director. On 19 June 2013 a liquidator was appointed to MBS and it was wound up with estimated unfunded liabilities of $1,291,381 to unsecured creditors.

MCD provided business advisory consulting services, and as well as operating as an investment company owning units in unit trusts, it acted as trustee of an Investment Trust. Mr Moylan was the sole director.  It was wound up in 2013 with an estimated deficiency of $4,117,388. At winding up Mr Moylan owed MCD $1,511,435.

MIG borrowed funds from lenders and then lent the funds to investment and property trusts. In 2011, while Mr Moylan was the sole director, MIG was wound up owing $7,666,705 to 34 unsecured creditors, many of whom were clients of the company's accounting and financial planning business.

Background

Under section 206F(1) of the Corporations Act 2001 ASIC may disqualify a person from managing corporations for up to 5 years where, within the last 7 years:

  • the person has been an officer of 2 or more corporations; and
  • while the person was an officer, or within 12 months after the person ceased to be an officer, each of the corporations was wound up and a liquidator lodged a report under subsection 533(1) about the corporation's inability to pay its debts.
Media enquiries: Contact ASIC Media Unit