The head of a besieged development group was bankrupt when he registered multiple companies and obtained three Queensland builder licences. Here’s how he ran national construction businesses for seven years while bankrupt.
Kathleen Skene Follow 5 min read September 8, 2023 - 12:24PM
Gold Coast Bulletin
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The head of a besieged development group was an undischarged bankrupt when he registered multiple companies and obtained builder licences in NSW and Queensland - running national construction businesses for seven years while bankrupt.
Insolvency records show Sami Adib, now known as Danny Isaac, was bankrupt from September 5, 2011 until December 24, 2020, but was able to direct companies, obtain loans and insurance bonds worth untold millions and win billions of dollars in construction contracts.
Bankrupt individuals are not eligible to hold Australian company directorships or builder licences.
The QBCC dont check directors and THEY HAVNT even since the Trac construction collapse. and the slasa dance that both directors did around the subject (Tom and his mate).
The licensing branch is too OCD on balance sheet and have employed ex auditors and accountants that havnt made it in the private sector to work for them chasing the micro figures vs looking at the big picture and important shyte like directors, secretaries and share holders esp in the cat 3 (possibly2+) and above.
Its called measure twice and cut once or in the QBCC experience measure 3 times have someone check it or confirm it and then cut.
Honestly the only one who had any half idea was Brett B and he went had during his time at the higher end of our industry. . and sorted out the cat 4,s and above.