ASIC disqualifies NSW director Lambros Hilellis for 5 years

ASIC has disqualified Lambros Hilellis, of Kingsgrove, New South Wales, from managing corporations for the maximum period of 5 years due to his involvement in the failure of the following four companies:

• Grade One Security Monitoring Rangers Pty Ltd ACN 156 567 967
• Atlantis Services Aust Pty Ltd ACN 600 383 775
• Polyseal Waterproofing Qld Pty Ltd ACN 149 962 872, and
• Apollo Security Pty Ltd ACN 154 881 973.

At the time of ASIC's decision, the four companies owed a total of approximately $12.4m to unsecured creditors, including approximately $3.7m owed to the ATO.

The companies operated in security services and the building and construction industry.

ASIC found that Mr Hilellis:

• failed to act in good faith and in the best interests of Grade One Security by allowing amounts totalling $197,000 to be paid from the company bank account to third parties without reasonable explanation
• failed to exercise due care and diligence to ensure that statutory lodgement obligations were met
• improperly used his position to cause a detriment by causing false income tax returns to be lodged with the ATO
• failed to keep proper financial records, to submit a ROCAP and to deliver company books to the liquidator
• failed to act with care and diligence by lending monies to related companies without reasonable prospects of repayment, and
• traded whilst insolvent in respect of Atlantis Services Aus Pty Ltd.

Mr Hilellis' conduct falls amongst the worst category of misconduct in terms of lack of honesty and integrity and complete disregard for his duties as a director. As a result, Hilellis was disqualified for the maximum period allowable under section 206F of the Corporations Act 2001.

In disqualifying Mr Hilellis, ASIC relied on supplementary reports lodged by the liquidator Stephen Hundy and Chad Rapsey of Rapsey Griffiths. ASIC assisted the liquidators to prepare reports by providing funding from the Assetless Administration Fund.

Mr Hilellis is disqualified from managing corporations until 29 March 2031.

Mr Hilellis has the right to seek a review of ASIC's decision by the Administrative Review Tribunal.

Background

Section 206F of the Corporations Act allows ASIC to disqualify a person from managing corporations for a maximum period of five years if, within a seven year period, the person was an officer of two or more companies, and those companies were wound up and a liquidator provides a report to ASIC about each of the company's inability to pay its debts.

ASIC also maintains a banned and disqualified persons register that provides information about people who have been disqualified from:

• involvement in the management of a corporation
• auditing self-managed superannuation funds (SMSFs), or
• practicing in the financial services or credit industry.

Editor's note:

On 28 April 2026, this media release was edited to include Mr Hilellis' name in the headline to ensure consistency with other ASIC media releases.