ASIC (Australian Securities and Investments Commission) has disqualified former director Roxanne Cornell of Victoria, from managing corporations for the maximum period of five years due to her involvement in the failure of three companies.
Between November 2015 and February 2020, Ms Cornell acted as the director of three companies in the construction industry including Coconut Post Tensioning, Coconut Group; and Petrox Nominees.
At the time of ASIC’s decision, the three companies owed a combined total of $6,133,017 to creditors, including $2,682,204 owing to the Australian Taxation Office.
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.