Australian regulator ASIC has announced that it has disqualified Mr Craig Hall Walton of East Melbourne, Victoria, from managing companies for four years as a result of his involvement in two failed companies.
Mr Walton was disqualified after liquidators were appointed to Walton Construction Pty Ltd ACN 060 900 218 and Walton Construction (QLD) Pty Ltd ACN 100 833 225.
ASIC found that Mr Walton had:
- improperly used his corporate position to gain an advantage for himself;
- failed to prevent the companies from trading whilst potentially insolvent;
- failed to pay taxes; and
- failed to exercise his duties as a director with due care and diligence.
In making its decision to disqualify Mr Walton, ASIC relied on supplementary reports that were lodged by liquidators of the companies – Michael McCann, Graham Killer and Andrew Hewitt (‘the Liquidators’) of Grant Thornton Australia. ASIC assisted the Liquidators to prepare the supplementary reports by providing funding from the Assetless Administration Fund.
The total amount of debts owed by the companies to creditors was more than $78 million.
Mr Walton’s disqualification extends to 26 June 2022.