ASIC disqualifies director for five years for insolvent trading and improper use of position

ASIC has disqualified builder and property developer Anthony Peter Kelly, 53, of Parkville in Melbourne from managing corporations for a maximum period of five years.

Kelly was disqualified following his involvement in two failed companies, Linc Construction Group Pty Ltd (Linc Construction) and AML Construction Pty Ltd. At the time of liquidation, Linc Construction owed $10,691,141 to 199 secured and unsecured creditors and AML Construction owed $42,025,887 to 131 unsecured creditors.

ASIC found that between 2005 and 2008, Kelly, as sole director, company secretary and shareholder of Linc Construction improperly used his position on a number of occasions to gain an advantage for himself or someone else to the detriment of the company.

Further, ASIC found that Kelly permitted both Linc Construction and AML Construction to trade while insolvent incurring debts that they were unable to pay and failing to satisfy their statutory liabilities including superannuation contributions and payments to the Australian Taxation Office and State Revenue Office.

Kelly has the right to appeal.