Australian Securities and Investments Commission disqualifies Victorian property development director Kylie Campbell for five years

The Australian Securities and Investments Commission (ASIC) has disqualified Kylie Jane Campbell of Broadbeach, Victoria, from managing corporations for five years after finding she was involved in the failure of three companies operating in the property development and investment industry. The disqualification runs until 20 January 2031. Between June 2017 and May 2022, Campbell was a director of Englobo Group Holdings Pty Ltd, Agritrade Fund Pty Ltd and Entertainment Group Pty Ltd. At the time of ASIC’s decision, the three companies owed a combined $4.55 million to unsecured creditors, including nearly $3.3 million to 21 unsecured trade creditors, $1.25 million to one small business, $20,271 to the Australian Taxation Office and $12,465 in employee entitlements. ASIC found Campbell did not know or understand her duties as a director and failed to discharge those duties, including by not assisting liquidators with books and records and not completing a ROCAP for Englobo Group Holdings, not ensuring statutory lodgements with the ATO, and not ensuring adequate financial records were maintained. The decision relied on supplementary liquidator reports from Barry Wight of Cor Cordis and Thomas Otway of SV Partners, with ASIC providing Assetless Administration Fund support to help prepare those reports. Campbell may seek review of ASIC’s decision by the Administrative Review Tribunal.