ASIC Disqualifies Matthew Anthony Lyall from Managing Companies for 4 Years

The Australian Securities and Investments Commission (ASIC) recently announced that it has disqualified Matthew Anthony Lyall of Shailer Park, Queensland from managing companies for four years due to his involvement in the failure of six companies.

Mr Lyall was a director of six companies that went into liquidation between 2016 and 2020:

• Yatala Labour Hire Pty Ltd ACN 613 362 762 (Yatala Labour Hire);

• JMS Installation Pty Ltd ACN 609 100 147 (JMS);

• Lyall Rigging Pty Ltd ACN 600 152 494 (Lyall Rigging);

• TMS Install Pty Ltd ACN 089 211 567 (TMS);

• JMS 2 Pty Ltd ACN 610 249 100 (JMS 2); and

• Optima Lending Solutions Pty Ltd ACN 136 357 189 (Optima).

Yatala Labour Hire provided labour hire services to JMS, Lyall Rigging and JMS 2. TMS operated in the manufacturing industry. Optima was involved in the financial and insurance services industry and operated as a mortgage broker.

ASIC found Mr Lyall failed to appropriately exercise his powers and discharge his duties as a director by:

• failing to comply with statutory obligations of lodgment of financial records with the Australian Tax Office (ATO) in relation to Yatala Labour Hire;

• failing to take all reasonable steps to ensure that JMS 2 complied with its obligations to keep written financial records and from incurring debts when JMS 2 was likely to be insolvent; and

• assisting in the sale of Optima's only material asset for no consideration to the detriment of Optima and its creditors, and for the benefit of another party.

The total amount owed to unsecured creditors for all six companies is estimated at $2,095,418 of which $519,578 is owed to the ATO.

Mr Lyall is disqualified form managing corporations until 30 July 2025.