Sydney builder banned after three collapsed companies leave $93m trail of debts

A Sydney builder linked to the collapse of three construction firms, leaving behind a mammoth $93m in debts, has been banned by the corporate watchdog.

A Sydney builder has been banned by the corporate regulator.

A Sydney builder who was involved in the collapse of three failed construction companies leading to a mammoth $93m trail of debts has been banned by the corporate regulator.

Construction director Anthony Azizi of Bexley, New South Wales, has been disqualified from managing corporations for five years, the Australian Securities and Investments Commission announced on Friday.

Mr Azizi was the director of companies Trinity Constructions (Aust) and Regal Consulting Services, as well as a shadow director, acting as a director of business Trinco between January 2001 and September 2021.

The three companies, which have all collapsed into insolvency, owed a combined total of $93,708,563 to over 300 unsecured creditors.

This included statutory debts to the Australian Taxation Office, NSW Office of State Revenue, Workers Compensation Nominal Insurer, Department of Employment and Workplace Relations in relation to the Fair Entitlements Guarantee and NSW Self Insurance Corporation.

Construction director Anthony Azizi of Bexley, New South Wales, has been disqualified from managing corporations for five years.

Other small businesses are also owed various amounts of money.

ASIC found that Mr Azizi acted “improperly and failed to meet his obligations as director”, including improperly using his position to cause detriment to the companies, failing to ensure the businesses did not trade while insolvent and failing to take reasonable steps to ensure the companies kept written financial records.

They also claimed in the liquidation of Regal, that Mr Azizi failed to lodge reports about the company’s financial position including assets and liabilities, and did not provide reasonable assistance to the liquidator by handing over all the books as soon as possible after the winding up.

In disqualifying Mr Azizi, ASIC said they relied on reports lodged by the liquidator of Trinity, Beattie of Worrells and the liquidator of Trinco, Henry McKenna of Vincents.

“ASIC assisted Worrells and Vincents to prepare their reports by providing funding from the assetless administration fund,” they revealed in a statement.

Mr Azizi is banned from managing corporations until July 2030.

ASIC said Mr Azizi had the right to seek a review of the regulator’s decision by the Administrative Appeals Tribunal.

Originally published as Sydney builder banned after three collapsed companies leave $93m trail of debts