ASIC disqualifies company director from managing corporations

ASIC has disqualified Mr Christopher Moylan, of New Lambton, New South Wales, from managing corporations for four years.

The disqualification follows ASIC’s investigation into Mr Moylan’s roles in Moylan Business Solutions Pty Ltd (MBS), MCD Holdings Pty Ltd (MCD), Moylan Investment Group Pty Ltd (MIG), Wallalong Investments Pty Ltd, Decrawood Pty Ltd and Moylan Business Solutions Trust (the Trust).

MBS operated as an accounting business, taxation and business consulting practice and Mr Moylan was its director. On June 19, 2013 a liquidator was appointed to MBS and it was wound up with estimated unfunded liabilities of $1,291,381 to unsecured creditors.

MCD provided business advisory consulting services, and as well as operating as an investment company owning units in unit trusts, it acted as trustee of an Investment Trust. Mr Moylan was the sole director. It was wound up in 2013 with an estimated deficiency of $4,117,388. At winding up Mr Moylan owed MCD $1,511,435.

MIG borrowed funds from lenders and then lent the funds to investment and property trusts. In 2011, while Mr Moylan was the sole director, MIG was wound up owing $7,666,705 to 34 unsecured creditors, many of whom were clients of the company’s accounting and financial planning business.

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