Australian Securities & Investments Commission disqualifies New South Wales hospitality director Mohamed Chabib from managing corporations for five years

The Australian Securities & Investments Commission (ASIC) has disqualified Mohamed Chabib, of Picnic Point, New South Wales, from managing corporations for five years following his involvement as a director in four failed hospitality companies. ASIC found misconduct and failures to meet officer obligations including not ensuring the companies paid tax debts, failing to maintain adequate books and records, not meeting statutory lodgement obligations for J & B Management Pty Ltd, failing to make a company vehicle available to the liquidator, using J & B Management funds to pay Australian Taxation Office debts unrelated to that company, and allowing J & B Management and M & C Management Pty Ltd to trade while insolvent. At the time of the decision, the four companies owed unsecured creditors a combined total of AUD 1,113,756, including AUD 486,201 to the Australian Taxation Office and AUD 7,435 to the Workers Compensation Nominal Insurer; ASIC relied on supplementary liquidator reports and provided Assetless Administration Fund support to assist preparation of statutory reports. The disqualification runs until 28 April 2030, and Mr Chabib may seek review of ASIC’s decision by the Administrative Review Tribunal.