Wednesday 16 May 2007 LAWFUEL – The Law Newswire – The Australian Securities and Investments Commission (ASIC) has disqualified three directors from managing corporations during April following their involvement in failed companies. Mr Tedwin Arthur Stewart ASIC has banned retail food outlet operator and finance broker, Mr Tedwin Arthur Stewart, of Maryborough, Queensland, from managing companies for three years. Mr Stewart’s banning follows an ASIC investigation into his involvement in two failed companies; Stewart Services Pty Ltd and S.O.S. Seminars Pty Ltd.
ASIC found that Mr Stewart breached his duty as a director by using S.O.S Seminars funds to pay personal expenses. ASIC also found that Mr Stewart failed to maintain adequate books and records in relation to both companies. Mr Hugh Gilchrist ASIC has banned builder, Mr Hugh Gilchrist of Ringwood, Victoria, from managing companies for 18 months. Mr Gilchrist’s banning follows an ASIC investigation into his involvement in three failed companies; Barrett & Gilchrist Builders Pty Ltd, Pearl Kitchens Pty Ltd and Trade Investors Pty Ltd. ASIC found that Mr Gilchrist allowed Barrett & Gilchrist Builders to trade while it was insolvent and failed to assist the liquidators of Barrett & Gilchrist Builders and Pearl Kitchens.
In addition, ASIC found that Mr Gilchrist failed to act in the best interests of both Barrett & Gilchrist Builders and Trade Investors by entering into contracts that were detrimental to the companies. Ms Kathryn Mary Voss ASIC has banned builder, Ms Kathryn Mary Voss of Bentleigh, Victoria, from managing companies for three years. Ms Voss’ banning follows an ASIC investigation into her involvement in two failed companies; Mt. Aitken Estates Pty Ltd and Dominion Capital Pty Ltd. Page