Post: Construction industry director drops appeal against four-year banning

ASIC has disqualified construction industry director Serge Golman of Vaucluse, NSW, from managing corporations for four years due to his involvement in the failure of four companies.

ASIC originally made its decision to disqualify Mr Golman on 14 December 2020. Mr Golman sought a review of ASIC’s decision in the Administrative Appeals Tribunal but his appeal was dismissed by consent on 6 July 2022.

Between October 2008 and July 2015 Mr Golman was the director of four companies:

Lidcombe Plastering Services Pty Ltd (ACN 133 755 638);
Lidcombe Plastering Pty Ltd (ACN 159 942 882);
Glenvale Developments Pty Ltd (ACN 097 050 087); and
Jamison’s Joinery Pty Ltd (ACN 133 756 224).
ASIC found that Mr Golman acted improperly and failed to meet his obligations as a director when he:

withdrew $1,658,477 of Lidcombe Plastering Services funds and used them in a manner which appeared to be not in the best interests of the company and at a time when he knew the company had substantial tax debts;
made further payments of $999,568 from the bank account of Lidcombe Plastering Services to the benefit of his wife;
transferred Lidcombe Plastering Services assets to Lidcombe Plastering knowing that Lidcombe Plastering Services owed money to creditors and subsequently used Lidcombe Plastering to continue the business of Lidcombe Plastering Services;
failed to take reasonable steps to ensure Lidcombe Plastering Services kept adequate books and records; and
poorly managed Lidcombe Plastering Services, Lidcombe Plastering, Glenvale Developments and Jamison’s Joinery to accrue tax debts and failed to maintain adequate financial records.
The four companies owed a combined total of $2,776,850.60 to creditors, including $1,877,642 owing to the Australian Taxation Office.

In disqualifying Mr Golman, ASIC relied on supplementary reports lodged by Lidcombe Plastering Services’ former liquidator Grahame Hill and its current liquidator, Simon Cathro of Cathro & Partners, and Jamison’s Joinery’s liquidator, Grahame Hill. ASIC assisted Mr Cathro and Mr Hill to prepare their reports for Lidcombe Plastering Services by providing funding from the Assetless Administration Fund.

Mr Golman is disqualified from managing corporations until 13 December 2024.

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