‘Unable to locate’ director

The corporate regulator says it has been unable to locate the director of a failed development company that collapsed owing more than $25m after “at least” five years of “likely” insolvency.

Danny Isaac, also known as Sami Adib, is sole director of Adcon Management, a company that purportedly provided labour hire to other businesses in his besieged Adcon and Descon groups.

Adcon Management is one of four of Mr Isaac’s companies that are in administration or liquidation, with wind-up action underway for parent company Descon Group Australia.

A report from liquidators Paul Langdon and Ian Grant said Mr Isaac had “significantly impeded” their investigations and that they had reported him to ASIC as a result.

ASIC, however, has been “unable to locate and contact the director”, the report says.

The Gold Coast Bulletin’s questions to Mr Isaac were replied to by his lawyer Clint Kanther, who said “Our client has provided the liquidator all of the books and records in his possession and otherwise has satisfied his obligations with respect to providing assistance”.

“Our client does not agree with the comments made by the liquidator,” Mr Kanther said.

Adcon Management’s liquidator said the company had at least $25m in debt and had likely been insolvent from “at least 31 December 2018”.

The report said Adcon Management owed $1.54m in tax and $256,339 in unpaid superannuation.

Mr Kanther’s response said Mr Isaac denied the company had been insolvent since that date.

The liquidators said a public examination was needed to get to the bottom of the company’s dealings, but that there was no funding available to hold one.

They encouraged creditors who wanted to help with that funding to approach the liquidators.