ASIC has disqualified Athina Bragiannis (also known as Tina Bragiannis) of Preston, VIC, from managing corporations for three and a half years due to her involvement in the failure of three companies.
Between 10 February 2012 and 8 February 2018, Ms Bragiannis was the director of three companies which entered liquidation between 4 October 2017 and 9 February 2018:
Rococo Hawthorn No 1 Pty Ltd (ACN 169 612 891)
Cleveland Lodge Developments Pty Ltd (ACN 155 631 904)
Bellbird Estate Holdings Pty Ltd (ACN 155 631 922)
Rococo Hawthorn No 1 acted as a holding entity, while Cleveland Lodge Developments and Bellbird Estate Holdings were involved in the property development industry in Victoria.
ASIC found that Ms Bragiannis acted improperly and failed to meet her obligations as a director when she:
executed finance agreements on behalf of Cleveland Lodge Developments which were used to further the interests of another corporation of which she was also the sole director and shareholder,
caused payments to be made from the bank account of Cleveland Lodge Developments to two corporations of which she was also the sole director and shareholder for goods and services that were not supplied to Cleveland Lodge Developments,
failed to ensure that sufficient funds were set aside from the sale of property for a GST liability owing by Cleveland Lodge Developments to the Australian Taxation Office (ATO) and by failing to ensure that Cleveland Lodge Developments paid that liability,
failed to ensure that Cleveland Lodge Developments and Rococo Hawthorn No 1 complied with their obligations to keep written financial records,
failed to prevent Cleveland Lodge Developments from incurring debts when there were reasonable grounds for suspect it was insolvent,
failed to ensure Rococo Hawthorn No 1 and Cleveland Lodge Developments complied with their statutory lodgment obligations to the ATO, and
relied upon others to run the business and financial affairs of Cleveland Lodge Developments without adequate oversight.
At the time of ASIC’s decision, the three companies owed a combined total of $8,684,516.52 to unsecured creditors, including $7,902,469.35 to the ATO.
In disqualifying Ms Bragiannis, ASIC relied on supplementary reports lodged by Cleveland Lodge Development’s former liquidator Richard Rohrt of Kennedy Ryan Advisory and its current liquidator, Andrew MacNeill of SMB Advisory, and Rococo Hawthorn No 1’s liquidator, Mr Rohrt.
ASIC assisted Mr Rohrt and Mr MacNeill to prepare their reports for Cleveland Lodge Developments by granting an application for funding from the Assetless Administration Fund.
Ms Bragiannis is disqualified from managing corporations until 11 February 2027.
Ms Bragiannis has the right to seek a review of ASIC’s decision by the Administrative Appeals Tribunal.