THE Australian Securities and Investments Commission has disqualified two Woollahra property developers and joy-flight operators from managing corporations for two years.
The disqualification of Patrick Ho-Hang Yu and Albert Ho-Sai Yu follows an ASIC investigation into their roles in nine failed companies, Sterling Aviation Pty Ltd, Sterling Estates Corporation Pty Limited, Maskcode Pty Limited, Yuft Pty Limited, Top Gun Flights Pty Limited, Isaco Pty Limited, Sterling Estates Development Corporation No 13 Pty Limited, Setpave Pty Limited and Sterling Estates (S.A.) Pty Limited.
ASIC found that they both failed to ensure the companies maintained proper financial records and also that they failed to lodge tax returns for the companies.
ASIC found that Patrick Yu failed to provide books and records to the liquidator for the companies Sterling Estates Corporation Pty Limited, Maskcode Pty Limited, Yuft Pty Limited, Isaco Pty Limited, Sterling Estates Development Corporation No 13 Pty Limited and Setpave Pty Limited.
ASIC also found that Albert Yu failed to participate in the management of the companies, which breached his duties as a director to take reasonable care and act diligently and in the best interests of the companies.
Australian Property Journal
