ASIC bans Laurence Christopher Pereira of Mount Tamborine for five years over liquidations

A Gold Coast man has been handed the longest possible ban from running companies, after four of his Brisbane businesses collapsed owing more than $4m to suppliers, staff and the ATO.

A Gold Coast man has been handed the longest possible ban from running companies, after four of his Brisbane businesses collapsed owing more than $4m to suppliers, staff and the ATO.

ASIC said it had banned Laurence Christopher Pereira, of Mount Tamborine, from managing corporations for five years “due a serious level of misconduct that demonstrated behaviours well below the standard expected of Australian company directors”.

ASIC said Mr Pereira’s companies East Coast Services Group, Proactive Energy, PG Projects and LP Finance went into liquidation between 2001 and 2023.

The companies were involved in electrical, refrigeration, airconditioning, and mechanical services in Brisbane.

ASIC has banned Mr Pereira for five years.

HOPE ISLAND BAR-RESTAURANT COMPANY LIQUIDATION

The regulator said Mr Pereira failed to ensure his companies maintained adequate financial records, paid their tax, superannuation, employee entitlements and WorkCover premiums.

The statement said liquidators of the companies found he had improperly used his position as a director to gain advantages for himself and others, transferred a business from one company to another without paying creditors of the old company and transferred company assets for no consideration.

East Coast Services and LP Finance had been allowed to trade while insolvent, ASIC said, and Mr Pereira had also failed to apply for a director identification number within the specified time frame.

Laurence Pereira and Judy Pereira.

At the time of ASIC’s decision, the four companies owed unsecured creditors $4,006,382 which included $1,031,357 for unpaid wages, superannuation, and employee entitlements.

Mr Pereira said there had been personal reasons and “very unfortunate circumstances” that had lead to his ban.

He said he hadn‘t decided whether or not to appeal ASIC’s decision.

“I’m out of business altogether,” he said.

“I don’t know (if I’ll appeal) it’s still so fresh, I’m still seeking advice.”

Mr Pereira and wife Judy run the luxurious 15-bedroom Verandah House Country Estate on Tamborine Mountain, which has hosted the likes of British actor Jude Law, who wrote it a glowing testimonial.

Property records show the 2ha property with sweeping mountain views was purchased for $2.5m in 2021 by LJP Investments, of which Ms Pereira is sole director and shareholder.

There’s no suggestion of wrongdoing by Ms Pereira.

Verandah House Country Estate at Mount Tamborine Picture: Instagram @vhcountryestate

Investigations by liquidators Bill Karageozis of McLeod’s Accounting and David Clout of David Clout & Associates were funded by ASIC’s Assetless Administration Fund.

Mr Pereira is disqualified from managing corporations until May 1, 2029.

He has the right to seek a review of the decision by the Administrative Appeals Tribunal.