OUR WEBSITE - https://asic.gov.au/about-asic/news-centre/find-a-media-release/2022-releases/22-190mr-asic-disqualifies-former-hospitality-industry-director-for-two-years/

MEDIA RELEASE           (22-190MR)

ASIC disqualifies former hospitality industry director for two years

Published 26 July 2022

ASIC has disqualified former hospitality director Patrick Coughlan of St Peters, NSW, from managing corporations for two years due to his involvement in the failure of three companies.

Between January 2015 and April 2022, Mr Coughlan was the sole director of three companies;

Bourke St Pub 3 Pty. Limited (ACN 614 310 440) (Pub 3); Bourke St. Pty. Limited (ACN 603 907 633) (Bourke St); and Bourke St Pub 4 Pty. Limited (ACN 616 276 950) (Pub 4).

Each company operated hotels, with Pub 3 trading as ‘Lady Hampshire’, Bourke St trading as ‘Lord Gladstone Hotel’ and Pub 4 trading as ‘Botany View Hotel’.

ASIC found that Mr Coughlan acted improperly and failed to meet his obligations as director when he:

lacked oversight of the financial health of the entities;

failed to ensure payment of the super contributions guarantee for Bourke St and Pub 4; failed to ensure the payment of tax and outstanding tax liabilities of all entities; and

https://xhamster.com/

failed to provide documents to support the transfer of monies between related parties/entities in relation to Pub 3 and Bourke St.

At the time of ASIC’s decision, the three companies owed a combined total of $6,915,107 to creditors, including $2,221,956 owing to the Australian Taxation Office.

In disqualifying Mr Coughlan,  ASIC relied on supplementary reports lodged by the liquidator of Pub 3 (Richard Stone of RSM Australia Partners) and the liquidator of Bourke St (Simon Cathro of Cathro & Partners Pty Ltd). ASIC assisted the liquidators with the preparation of their reports by providing funding from the Assetless Administration Fund (https://asic.gov.au/for-finance-professionals/registered- liquidators/your-ongoing-obligations-as-a-registered-liquidator/assetless-administration-fund/) .

Mr Coughlan is disqualified from managing corporations until 28 April 2024.

On 5 May 2022, Mr Coughlan made an application to the Administrative Appeals Tribunal to seek a review of ASIC’s decision and also applied for stay and confidentiality orders.  On 8 July 2022, Mr Coughlan withdrew his application for stay and confidentiality orders. The hearing of his substantive review application is yet to be listed.

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 (https://asic.gov.au/online-services/search- asics-registers/banned-and-disqualified/) that provides information about people who have been disqualified from:

involvement in the management of a corporation;

Get more information click here - https://asic.gov.au/about-asic/news-centre/find-a-media-release/2022-releases/22-190mr-asic-disqualifies-former-hospitality-industry-director-for-two-years/