ASIC has banned a trio of Gold Coast directors from managing corporations because they owe creditors more than $26 million.
Luke Mortimer, Gold Coast BulletinSubscriber only|January 7, 2020 5:27pm
AUSTRALIA’S corporate watchdog has banned a trio of Gold Coast directors from managing corporations because they owe creditors more than $26 million.
The Australian Securities and Investments Commission (ASIC) said in a statement today it had disqualified well-known Broadbeach developer Larry James Mathews, his son Richard James Matthews and Rowena Ylaya Matthews.
Both of the men have been disqualified for five years and Ms Matthews for four years.
The ban followed the appointment of liquidators to eight companies managed between the trio, according to ASIC’s statement.
“The total amount of debts owed by the companies to creditors exceeded $26.2 million,” the ASIC statement read.
In 2017, it was reported subcontractors were left reeling when Richard Matthews’ Bluestone Constructions Pty Ltd collapsed.
Subbies at the time claimed they were owed more than $6.8 million on a project developed by the company, the Waterford North and South project at Bundall.
ASIC revealed liquidators have been appointed to Bluestone Project Management Pty Ltd, Bluestone Constructions Pty Ltd, BluestoneInvest Pty Ltd, Bluestone Development Group Pty Ltd, and Bluestone Administration Pty Ltd. Other companies named were Yarrl Property Pty Ltd, Daisyfield Securities Pty Ltd and Blackrock Developments Pty Ltd.