ASIC bans NSW director after company failures

Graeme John Doble, from Gymea Bay, New South Wales, was disqualified from corporate management for five years by ASIC for his involvement in six company bankruptcies.

Six companies led by Doble failed in 39 years

From 1984 to 2023, Doble held directorships at six companies, including Zentry, Seville Optimized Solutions and Doble Express Transport.

The failed companies operated in a variety of sectors, from labor rental and research to shipping and transport.

Improper conduct and insolvency

ASIC’s investigation revealed that Doble abused his directorships for personal or external purposes, engaged in a tax avoidance scheme that benefited his family business, and allowed certain companies to continue trading while insolvent.

Additionally, Doble neglected to comply with statutory obligations, such as filing tax returns and paying workers’ compensation insurance premiums.

Financial liabilities towards tax authorities and creditors

At the time of ASIC’s decision, the companies owed more than $15 million to unsecured creditors. This includes more than $8 million owed to the Australian Taxation Office (ATO) and almost $800,000 in unpaid workers’ compensation.

Liquidators and the role of ASIC

Liquidators from companies including BPS Recovery and Mackay Goodwin have provided detailed reports and ASIC has provided financial assistance to support their investigations. These reports were key to Doble’s disqualification.

Doble has the right to appeal

Doble retains the right to appeal ASIC’s decision to the Administrative Appeals Tribunal. His ban from managing a corporation will remain in force until September 2029.

Context of disqualification provisions

Under section 206F of the Companies Act, ASIC can disqualify a person from managing a company for up to five years if it is found that the person has been involved in multiple company failures due to unpaid debts over a seven-year period. The ASIC register lists people who are prohibited from holding a position on the board of corporations and related industries.

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