Post: ASIC disqualifies Canberra property developer for two years

ASIC has disqualified Paul Kenneth Nimal Hamilton of Coombs ACT, from managing corporations for two years due to his involvement in the failure of five companies.

Between December 2019 and August 2021 Mr Hamilton was the director of five companies that entered liquidation:

Lifestyle Home Account (ACT) Pty Ltd (ACN 625 959 097) (Lifestyle Homes);
3 Property Group 13 Pty Ltd ACN 621 691 932 (3PG13).
Be Athletic Canberra Pty Ltd ACN 619 049 740 (Be Athletic);
A.C.N. 601 334 749 Pty Ltd formerly Tiger Property Group Pty Ltd (TPG); and
A.C.N. 606 934 874 Pty Ltd formerly 3 Property Group 2 Pty Ltd (3PG2).
The companies were involved in development of commercial and residential properties in Canberra.

ASIC found that Mr Hamilton showed a lack of care and diligence and a lack of commercial mortality when he:

agreed to act as a director of the five companies to allow the former directors to maintain their credit scores and continue to be directors of other companies in the group;
failed to ensure 3PG2 got its tax lodgments up to date and failed to take steps to ensure the tax debts owed by Lifestyle Homes, Be Athletic, TPG and 3PG13were paid; and
failed to participate in the management of Lifestyle Homes, Be Athletic, TPG, 3PG13 and 3PG2.
At the time of ASIC’s decision, the five companies owed a combined total of $11,867,702 to unsecured creditors including approximately $5,455,596.54 owed to ATO and $19,652 owed to ACT Office of Revenue.

In disqualifying Mr Hamilton, ASIC relied on supplementary reports lodged by liquidator, Mr Stephen Hundy of Worrells and Mr Jason Tang of Cor Cordis.

ASIC approved funding from the Assetless Administration Fund to assist Mr Hundy and Mr Tang in preparation of the reports.

Mr Hamilton is disqualified from managing corporations until 23 October 2025.

Mr Hamilton has the right to seek a review of ASIC’s decision by the Administrative Appeals Tribunal.

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