The director of a failed building firm received a loan for nearly $1 million in company money before the business collapsed while his customers have been left with nothing, according to a public liquidators report.
Tozer Construction Group, which did residential building in NSW and the ACT, was court-ordered to go into liquidation at the end of the 2022 with debts of $3.227 million.
A statutory report lodged by the appointed liquidator, Stephen Hundy of insolvency firm Worrells, suggested the companys sole director, Corey Tozer, had committed possible offences in his duty as a director under the Corporations Act. The regulator, ASIC, has not taken action against the director.
The report, lodged last year, said Mr Tozer was issued with a …
Read the full article at: https://www.news.com.au/finance/business/other-industries/liquidator-of-collapsed-building-firm-alleges-director-was-loaned-nearly-1-million-in-company-money/news-story/493daf5d91f6a6b1267d542d6fa5b184