ASIC Disqualifies David Michael Scofield from Managing Companies for 5 Years

The Australian Securities and Investments Commission (ASIC) recently announced that it has disqualified David Michael Scofield, of Applecross WA from managing companies for five years due to his involvement in the failure of four companies.

Mr Scofield was the director of four companies that were placed into liquidation in 2020:

• Rhino (WA) Pty Ltd (ACN 105 829 516)

• ACN 143 444 535 Pty Ltd (formerly Action Demolition (WA) Pty Ltd);

• Rhino Machinery Pty Ltd (ACN 168 215 156); and

• Scofield Investments Pty Ltd (ACN 168 219 501)

Rhino (WA) and Action Demolition (WA) were involved in the asbestos removal and demolition industries, whilst Rhino Machinery held plant & equipment and Scofield Investments provided rental, hiring and real estate services.

ASIC found that Mr Scofield:

• failed to lodge various tax documents for all four companies;

• failed to maintain adequate books and records for all four companies;

• failed to submit a Report on Company Activities and Property to the liquidators of Action Demolition (WA), Rhino Machinery and Scofield Investments;

• redirected debtors of Rhino (WA) to pay a total of $41,729.60 to related parties; and

• engaged in conduct commonly referred to as illegal phoenix activity by seeking to continue to operate the business of Rhino (WA) and Action Demolition (WA) through a new entity.

The companies failed owing creditors over $5.5 million, with $1.8 million owing to unsecured creditors. The Australian Taxation Office was owed $242,825.74.

Mr Scofield is disqualified from managing corporations until 16 November 2026.