Regulatory Alerts2026-04-28
ASIC disqualifies NSW director Lambros Hilellis for 5 years
The Australian Securities and Investments Commission has disqualified Lambros Hilellis from managing corporations for the maximum five-year period due to his involvement in the failure of four companies that owed approximately $12.4 million to unsecured creditors. ASIC found that Mr Hilellis engaged in severe misconduct including trading while insolvent, lodging false tax returns, failing to keep proper financial records, and misusing company funds. His disqualification is effective until 29 March 2031, and he retains the right to seek a review of this decision by the Administrative Review Tribunal.
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