Sydney builder banned by corporate watchdog after being involved in collapse of three construction companies resulting in $93m debt
ASIC announced on Friday construction director Anthony Azizi, based in NSW, would be disqualified from managing corporations until July 14, 2030.
The decision comes after a trio of construction company collapses, which Mr Azizi was involved in.
He worked as the director of Trinity Constructions and Regal Consulting Services and as a shadow director of Trinco between January 2001 and September 2021.
All three companies have since collapsed, taking with them a total of $93,708,563 racked up in debt to more than 300 unsecured creditors.
This included statutory debts owed to Australian Taxation Office, NSW Office of State Revenue, Workers Compensation Nominal Insurer, Department of Employment and Workplace Relations in relation to the Fair Entitlements Guarantee, and the NSW Self Insurance Corporation.
Several small businesses are also owed money.
ASIC's decision said it found Mr Azizi to have "acted improperly and failed to meet his obligations as director" through a number of ways.
These included failure "to exercise due care and diligence to ensure that the companies met their statutory requirements," how he "failed to take reasonable steps to ensure the companies kept written financial records" and that he "improperly used his position to cause detriment to the companies".
ASIC also said Mr Azizi had failed to ensure companies did not trade while insolvent.
It also found he failed to lodge a report on company activities and property with the liquidator of Regal within 10 days of finishing up and failed to provide "reasonable assistance" to the liquidator of Regal as he did not deliver all the books "as soon as practicable after winding up".
Supplementary reports from the liquidator of Trinity, Graeme Beattie of Worrells, and the liquidator of Trinco, Henry McKenna of Vincents, assisted ASIC in its decision to disqualify Mr Azizi.
Mr Azizi has the right to seek a review of ASIC's decision by the Administrative Appeals Tribunal.
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