ASIC has disqualified Bligh Wentworth Williams of Surfers Paradise, Queensland, from managing corporations for three years due to his involvement in the failure of two companies.

Between January 2018 and August 2020 Mr Williams was the director of two companies which entered liquidation in May 2019 and May 2021:

• Workaholic Services Pty Ltd (ACN 621 782 812) (Workaholic); and
• Jigsaw Workplace Holdings Pty Ltd (ACN 621 786 310) (Jigsaw).

The companies were involved in workplace planning, design, set up, closure, and document management.

ASIC found that Mr Williams failed to meet his obligations as a director when he failed to:

• ensure the companies complied with their statutory obligations including the lodgement of business activity statements, income tax returns, payroll, and superannuation;
• hold a workers compensation insurance policy for the employees of the companies;
• ensure the companies’ financial transactions were adequately recorded; and
• invoice related entities for work completed by Workaholic.

At the time of ASIC’s decision, the two companies owed a combined total of $2,053,788 to unsecured creditors including approximately $285,406 owed to ATO.

In disqualifying Mr Williams, ASIC relied on supplementary reports lodged by Workaholics’ liquidator, Mr Patrick Loi of Greengate Advisory (NSW) and Mr Blair Pleash of Hall Chadwick.

ASIC assisted Mr Loi and Mr Pleash to prepare their reports by providing funding from the Assetless Administration Fund.

Mr Williams is disqualified from managing corporations until 5 April 2026.

Mr Williams has the right to seek a review of ASIC’s decision by the Administrative Appeals Tribunal.

Background

Section 206F of the Corporations Act allows ASIC to disqualify a person from managing corporations for a maximum period of five years if, within a seven-year period, the person was an officer of two or more companies, and those companies were wound up and a liquidator provides a report to ASIC about each of the company’s inability to pay its debts.

ASIC maintains a banned and disqualified persons register that provides information about people who have been disqualified from:

• involvement in the management of a corporation;
• auditing self-managed superannuation funds (SMSFs); or
• practising in the financial services or credit industry.

Editor's note:

On 4 May 2023, Mr Williams lodged an appeal with the Administrative Appeals Tribunal seeking a review of ASIC's decision to disqualify him from managing corporations.