ASIC Disqualifies Duncan McLeod from Managing Companies for 5 Years

​The Australian Securities and Investments Commission (ASIC) today announced that it has disqualified Duncan McLeod of Blacktown, NSW, from managing companies for five years due to his involvement in the failure of two companies.

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Mr McLeod was a director of two companies that went into liquidation between November 2016 and February 2019, namely:

• SGB Trading Pty Ltd (A.C.N. 166 030 306) (SGB Trading); and

• RC Detailed Joinery Pty Ltd (A.C.N. 147 009 390) (RC Joinery).

SGB Trading operated as an importer and wholesaler of solar power products. RC Joinery traded as a kitchen joinery business.

In making its decision to disqualify Mr McLeod, ASIC found that he:

• failed to ensure SGB Trading and RC Joinery complied with their statutory obligations and pay tax liabilities;

• failed to keep written financial records that explain its transactions and financial position and performance for reporting and audit purposes;

• failed to provide the liquidator of SGB Trading with the company's books and records;

• allowed SGB Trading to incur debts when there were reasonable grounds to suspect it was not in a position to pay them;

• failed to prevent SGB Trading from incurring debts when it was insolvent;

• used his position as the director of RC Joinery to gain an advantage for the previous director, or cause detriment to the company;

• failed in his duty as the sole director of RC Joinery from 30 September 2014 to monitor the company's transactions and to control its bank accounts; and

• transferred RC Joinery's business to United Joinery Pty Ltd A.C.N 615 437 664 to enable its business to continue unburdened by debt – a practice commonly known as illegal phoenix activity.

The total amount owed to creditors of the two companies was $1,073,227.000.

Mr McLeod is disqualified from managing corporations until 3 August 2026.