ASIC disqualifies Paul Hamilton, former 3 Property Group 13 director

The Australian Securities and Investments Commission has disqualified Paul Kenneth Nimal Hamilton of Coombs for his involvement in a series of failed companies.

Between December 2019 and August 2021, Mr Hamilton was the director of five companies that entered liquidation, including 3 Property Group 13 Pty Ltd.

Mr Hamilton has been disqualified from managing corporations until October 23, 2025.

The other companies were Lifestyle Home Account (ACT) Pty Ltd, Be Athletic Canberra Pty Ltd, A.C.N. 601 334 749 Pty Ltd formerly Tiger Property Group Pty Ltd (TPG) and A.C.N. 606 934 874 Pty Ltd formerly 3 Property Group 2 Pty Ltd (3PG2).

The five companies owed a total of more than $11.8 million to unsecured creditors including about $5.5 million to the Australian Taxation Office and $19,652 to the ACT Office of Revenue.

Companies associated with 3 Property Group were behind a series of off-the-plan contract cancellations in Canberra in 2021 and 2022.

Dozens of buyers had their off-the-plan townhouse contracts cancelled by 3 Property Group, only to see the same properties resold for a higher price.

The Canberra Times does not suggest Mr Hamilton or the five companies mentioned by ASIC were involved in the contract cancellations.

ASIC found Mr Hamilton showed "a lack of care and diligence" in his actions as a director.

In a statement, ASIC said Mr Hamilton "agreed to act as a director of the five companies to allow the former directors to maintain their credit scores and continue to be directors of other companies in the group".

ASIC would not comment on whether it was investigating the other directors.

He also failed to ensure 3PG2 was up to date with its tax lodgments and failed to take steps to ensure tax debts owed by Lifestyle Homes, Be Athletic, TPG and 3 Property Group 13 were paid.

Mr Hamilton also failed to participate in the management of the five companies, the statement said.

"At the time of ASIC's decision, the five companies owed a combined total of $11,867,702 to unsecured creditors including approximately $5,455,596.54 owed to ATO and $19,652 owed to ACT Office of Revenue," the statement read.

Mr Hamilton has the right to seek a review of ASIC's decision through the Administrative Appeals Tribunal.

MORE NEWS:

ASIC relied on reports lodged by liquidators Stephen Hundy of Worrells and Jason Tang of Cor Cordis in making its decision to disqualify Mr Hamilton.

A person can be disqualified from managing corporations for a maximum period of five years if that person was an officer of two or more failed companies within a seven-year period, ASIC said.

The Canberra Times has contacted Mr Hamilton for comment.

We've made it a whole lot easier for you to have your say. Our new comment platform requires only one log-in to access articles and to join the discussion on The Canberra Times website. Find out how to register so you can enjoy civil, friendly and engaging discussions. See our moderation policy here.