Liquidator report into $25m fail claims ASIC “can't locate” Adcon boss Danny Isaac aka Sami Adib
The corporate regulator has been “unable to locate” the director of a failed development company which collapsed owing more than $25m after “at least” five years of “likely” insolvency. It’s one of multiple related companies that have failed owing millions.
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The corporate regulator says it has been unable to locate the director of a failed development company which collapsed owing more than $25m after “at least” five years of “likely” insolvency.
Danny Isaac, also known as Sami Adib, is sole director of Adcon Management, a company which purportedly provided labour hire to other businesses in his besieged Adcon and Descon groups.
Adcon Management is one of four of Mr Isaac’s companies which are in administration or liquidation, with wind-up action underway for parent company Descon Group Australia.
A report from liquidators Paul Langdon and Ian Grant said Mr Isaac had “significantly impeded” their investigations and that they had reported him to ASIC as a result.
ASIC, however, has been “unable to locate and contact the director”, the report said.
The Gold Coast Bulletin’s questions to Mr Isaac were replied to by his lawyer Clint Kanther, who said “our client has provided the liquidator all of the books and records in his possession and otherwise has satisfied his obligations with respect to providing assistance”.
“Our client does not agree with the comments made by the liquidator,” Mr Kanther said.
Despite Descon Group’s publicised financial troubles, and revelations its boss was an undischarged bankrupt when he changed his name and became a director of numerous companies, Descon’s $240m Queensland builder licence remained intact this week.
ASIC has taken no action on his status as a director of dozens of other companies.
Bankrupt individuals are not eligible to hold Australian company directorships or builder licences.
Mr Isaac is facing possible bankruptcy again, with fresh proceedings, sparked by rival developer Anthony Quinn, set to return to court next month.
Descon and Adcon have worked on major projects including the CBD North and Parkville train stations in Melbourne, and has existing projects across the Gold Coast and in Brisbane.
Adcon Management’s liquidator said the company had at least $25m in debt and had likely been insolvent from “at least 31 December 2018”.
The report said Adcon Management owed $1.54m in tax and $256,339 in unpaid superannuation.
Mr Kanther’s response said Mr Isaac denied the company had been insolvent since that date.
The liquidators said a public examination was needed to get to the bottom of the company’s dealings, but that there was no funding available to hold one.
They encouraged creditors who wished to help with that funding to approach them.
“In the absence of funding, my work and ability to recover funds for creditors is constrained,” the report said.
The liquidators have also applied to ASIC for further funding for the case.
Cottee Parker Architects have lodged a wind-up application for Descon Group Australia in the Brisbane Supreme Court over a$576,397 debt.
Court documents lodged in the Queensland case say Descon engaged Cottee Parker for design work on its proposals for 3321 SurfersParadise Bvd and 19 Hercules St in Hamilton.
Both projects have since floundered.
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