ASIC Disqualifies Phillip Anthony Royce from Managing Companies for 2.5 Years

The Australian Securities and Investments Commission (ASIC) today announced that it has disqualified Phillip Anthony Royce, of Jan Juc, Victoria from managing companies for two years and six months due to his involvement in the failure of three companies.

Mr Royce was a director of three companies that went into liquidation between 2015 and 2019:

• Showerline (Aust) Pty Ltd A.C.N. 074 117 098 (Showerline);

• Vehicle Modification Specialists Pty Ltd A.C.N. 134 638 761 (VMS); and

• Gracro Industries Pty Ltd A.C.N. 006 734 907 (Gracro).

Showerline and Gracro were involved in the manufacturing and selling of bathroom and/or plumbing goods. VMS was involved in manufacturing and the modification of vehicles.

ASIC's investigation found that Mr Royce, in his management of Showerline and VMS:

• Failed to take reasonable steps to inform himself about, monitor and oversee the companies' financial affairs;

• Disregarded taxation obligations;

• Breached his duty to act with due care and diligence and his record keeping obligations; and

• Showed a persistent inability or unwillingness to comply with his obligations as a director.

At the time of ASIC's decision, the total amount owed to creditors across all three companies was approximately $1,659,497.89, including $951,653.80 owed to the Australian Taxation Office. 

Mr Royce is disqualified from managing corporations until 22 March 2024.