ASIC has disqualified former electrical services director Sam Casella, of Bossley Park, NSW, from managing corporations for the maximum period of five years due to his involvement in the failure of three companies.
Between December 2015 and March 2023 Mr Casella was a director of three companies:
Roundelectrics Pty Ltd (ACN 160 411 389);
Spec Electrical Group Pty Ltd (ACN 609 669 310); and
Quattro Constructions Pty Ltd (ACN 642 288 953).
ASIC found that Mr Casella acted improperly and failed to meet his obligations as director when he:
agreed to become the “owner” of assets and failed to carefully consider or enquire about what would be required of him;
was unaware that he was a director of Roundelectrics Pty Ltd from 26 August 2016 until 1 March 2022;
would sign documents concerning Roundelectrics Pty Ltd on instructions of an alleged shadow director without reading the documents;
had no knowledge of the affairs of Roundelectrics Pty Ltd; and
lacked control and accountability concerning Roundelectrics Pty Ltd which led to him being involved in:
the failure to keep proper records
the transferring of assets without proper consideration
significant debts owed to statutory bodies.
At the time of ASIC’s decision, the three companies owed a combined total of $1,521,320.21 to creditors, including $1,048,044.2 owing to the Australian Taxation Office and other statutory creditors.
In disqualifying Mr Casella, ASIC relied on a supplementary report lodged by Spec Electrical Group Pty Ltd’s liquidator, Domenic Calabretta of Mackay Goodwin. ASIC assisted Mr Calabretta to prepare his reports by providing funding from the Assetless Administration Fund.
Mr Casella is disqualified from managing corporations until 31 August 2028.
Mr Casella has the right to seek a review of ASIC’s decision by the Administrative Appeals Tribunal.