An Albury businessman has been banned from managing corporations for 18 months after four food supply companies he was linked to collapsed with debts of $9.5 million. The Australian Securities and Investments Commission disqualified Simon Cauchi after finding he failed to ensure two businesses complied with their tax obligations, that he used one business to acquire another failing business, and that he transferred nearly $300,000 between businesses. One of his businesses was found to be trading while insolvent. The four related companies he directed owed $9,575,616 to creditors, including $529,831 to the Australian Taxation Office. Cauchi was declared bankrupt on October 20, 2021, and liquidators examined two of the companies. ASIC said Cauchi was a director of Fresh Food Wholesale Pty Ltd, Fresh Start Equity Pty Ltd, Oh! That's Good! Food Group Pty Ltd and Life Pack Pty Ltd between September 2015 and October 2021. "Fresh Food Wholesale Pty Ltd operated in the wholesale trade industry, supplying pre-packed meals to major retail outlets," an ASIC spokesman said on Friday, December 8. "Fresh Start Equity Pty Ltd's operations consisted of cooking and selling pre-made ready to eat meals to retailers. "In July 2019, Fresh Food Wholesale Pty Ltd bought the business of Fresh Start Equity Pty Ltd." Cauchi was found to have improperly used his position at Fresh Food Wholesale to acquire the failing Fresh Start Equity. Funds of nearly $300,000 were moved from Fresh Start Equity to Fresh Food Wholesale, causing detriment to the former. ASIC found both businesses failed to comply with tax obligations and Fresh Start Equity traded while insolvent. Cauchi will be banned from managing corporations until May, 2025. He has the right to appeal the ban.