ASIC imposes less-than-maximum disqualifications for two unrelated directors responsible for nine failed companies between them.
Two unrelated directors responsible for a total of nine failed companies that owed a total of almost $17 million to unsecured creditors have been banned from managing corporations for three years each.
ASIC disqualified Jun Toyoda of Potts Point, NSW, over his involvement in the collapse of six food and hospitality companies between October 2018 and April 2021.
The companies, Basic Concept (BasCon), Asrapport Australia, Asrapport Restaurant Systems, Southern Cross 339, About Life Foodservice and Globridge Australia were liquidated owing a combined total of $6,189,299 to unsecured creditors, including approximately $2,213,940 to the ATO.
In addition, Mr Toyoda was involved with NBI Australia, which entered liquidation in October 2018 owing $81,969 to the ATO.
The companies operated across sydney at Elizabeth Bay, Crows Nest, Cremorne and Chatswood.
ASIC found that Mr Toyoda:
- Engaged in phoenix activity by selling indebted BasCon to new companies.
- Gained an advantage and/or caused detriment to NBI when its business was sold to another company…