WA director banned over ‘failed companies’

Australia’s corporate watchdog has temporarily banned Robert Brady from managing corporations after liquidators were appointed to three of his associated companies.

Mr Brady has been banned until August 2025, after the Australian Securities and Investments Commission found that the companies he was a director of owed more than $2.2 million to unsecured creditors.

That included about $1.1 million owed to the Australian Taxation Office.

Between 1999 and 2020, Mr Brady was a director of Western Australian entities Sito Elevator and Escalator Service Company, Goldgame Corporation, and Audio Visual Developments.

Sito Elevator operated as a commercial and residential lift installation, maintenance and refurbishment business within the construction industry.

Meanwhile, Goldgame acted as a trustee for a domain trust and Audio Visual operated in the business and personal services industry.

Liquidators were appointed to all three businesses in 2018.

Chifley Advisory was appointed to Audio Visual in July, followed by Palisade Business Consulting to Goldgame in August and Hall Chadwick to Sito Elevator in December.

In handing down its decision, ASIC found Mr Brady had failed to “exercise his duties as a director with due care and diligence in respect of Goldgame; take all reasonable steps to secure compliance by Sito Elevator and Goldgame with their obligations to keep the written financial records; and prevent Sito Elevator and Goldgame from incurring debts when it was trading while it was insolvent".

ASIC said its investigation relied on supplementary reports lodged by the liquidators of each company.

The Sito Elevator and Goldgame liquidators prepared supplementary reports using funds from the federal government’s Assetless Administration Fund, which is administered by ASIC.