Australian Securities & Investments Commission disqualifies Lambros Hilellis from managing corporations for five years over four company failures

The Australian Securities & Investments Commission has disqualified Lambros Hilellis from managing corporations for the maximum period of five years, citing his involvement in the failure of four companies: Grade One Security Monitoring Rangers Pty Ltd, Atlantis Services Aust Pty Ltd, Polyseal Waterproofing Qld Pty Ltd and Apollo Security Pty Ltd. At the time of ASIC’s decision, the companies owed approximately AUD 12.4 million to unsecured creditors, including around AUD 3.7 million owed to the Australian Taxation Office, and the disqualification applies until 29 March 2031. ASIC found Hilellis failed to act in good faith and in the best interests of Grade One Security by allowing AUD 197,000 to be paid from the company bank account to third parties without reasonable explanation, failed to ensure statutory lodgement obligations were met, and improperly used his position by causing false income tax returns to be lodged with the Australian Taxation Office. ASIC also found failures to keep proper financial records, submit a report as to affairs and property (ROCAP) and deliver company books to the liquidator, lending to related companies without reasonable prospects of repayment, and trading while insolvent in respect of Atlantis Services Aust Pty Ltd. The disqualification was made under section 206F of the Corporations Act 2001 and relied on supplementary reports from liquidators Stephen Hundy and Chad Rapsey of Rapsey Griffiths, with ASIC funding support via the Assetless Administration Fund. Hilellis can seek a review of ASIC’s decision by the Administrative Review Tribunal.