Australian Securities & Investments Commission disqualifies Genna Raber from managing corporations for the maximum five years over failures of three construction companies

The Australian Securities & Investments Commission has disqualified New South Wales director Genna Raber from managing corporations for five years, the maximum period available under section 206F of the Corporations Act 2001, over misconduct linked to the failure of three construction companies. ASIC found improper use of position, failures to meet statutory lodgement obligations, poor financial record-keeping and insolvent trading, and noted that the companies owed AUD 14,536,477 to priority and unsecured creditors, including the ATO, at the time of its decision. The disqualification relates to Myriad Development and Construction Group Pty Ltd, Render Design (Aust) Pty Ltd and Myriad Projects (Aust) Pty Ltd, which failed between 2022 and 2024. Raber was found to have caused detriment to Myriad Development and Myriad Projects while gaining an advantage for himself and related parties, failed to ensure Render Design and Myriad Projects met their statutory lodgement obligations, and failed to keep proper financial records and prevent insolvent trading at Myriad Development and Render Design. ASIC also cited his earlier 2.5-year disqualification from 19 August 2019 to 20 April 2022, during which it found he managed Myriad Development while his wife was the appointed director. The ban runs until 11 December 2030. Raber may seek a review of ASIC's decision by the Administrative Review Tribunal.