ASIC bans Brisbane director linked to six failed firms

A Brisbane director has been disqualified from managing any company for four years after his involvement in six failed companies that owed in excess of $2m.

ASIC has banned a Queensland company director for four years.

A Brisbane director has been disqualified from managing any company for four years after his involvement in six failed companies that owed in excess of $2m.

ASIC disqualified Matthew Anthony Lyall, of Shailer Park, until 2025 after he served as a director of six companies that went into liquidation between 2016 and 2020. They included Yatala Labour, JMS Installation, Lyall Rigging, TMS, JMS 2 and Optima Lending.

ASIC said Yatala Labour Hire provided labour hire services to JMS, Lyall Rigging and JMS 2 while TMS operated in the manufacturing industry. Optima was involved in the financial and insurance services industry and operated as a mortgage broker.

ASIC found Mr Lyall failed to appropriately exercise his powers and discharge his duties as a director by not complying with statutory obligations to lodge financial records with the Australian Tax Office in relation to Yatala Labour Hire.

ASIC found he also had failed to take all reasonable steps to ensure that JMS 2 complied with its obligations to keep written financial records and from incurring debts when JMS 2 was likely to be insolvent.

He had assisted in the sale of Optima’s only material asset for no consideration to the detriment of Optima and its creditors, and for the benefit of another party.

The total amount owed to unsecured creditors of all six companies is estimated at $2,095,418 of which $519,578 is owed to the ATO. Mr Lyall is disqualified form managing corporations until 30 July 2025. Mr Lyall could not be contacted for comment.