The founder and former CEO of a financially troubled cybersecurity firm was locked out of the company's systems before being accused of racking up significant personal expenses on the corporate card, as debts to creditors soared past $3 million.
Craig McDonald, described as an 'award-winning entrepreneur and cybersecurity visionary' behind MailGuard, took his former employer to the Fair Work Commission last month.
asserted
McDonald → lock → Commission
Mr McDonald claimed he was unfairly dismissed for exercising his workplace rights to complain and enquire about his employment.
asserted
he → claim → employment
His application, filed on August 14, was dismissed by the FWC as it was lodged 18 days late, with the merits of Mr McDonald's claim left undetermined.
uncertain
merits → file → claim
In its published decision, the FWC noted that serious allegations of misconduct were levelled against Mr McDonald at the time of his dismissal.
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allegations → publish → dismissal
Daily Mail can also reveal that ASIC documents show MailGuard had receivers appointed in June, with $1million owed to Macquarie Bank.
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1million → reveal → Bank
Craig McDonald, acclaimed 'award-winning entrepreneur and cybersecurity visionary' behind MailGuard, took his former company to the Fair Work Commission last month
Mr McDonald's application was dismissed by the FWC for being lodged 18 days late, with the merits of his claim left undetermined
A company spokesperson told the Daily Mail that the debt owed to Macquarie Bank has since been 'completely discharged' and the 'receivers retired'.
According to the FWC decision dated September 10, Mr McDonald was appointed Chief Executive on December 24, 2025.
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McDonald → acclaim → December
On June 29, before his dismissal, Mr McDonald questioned his removal and offered to serve a six-month notice period.
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McDonald → question → period
The next day, he discovered his access to MailGuard's systems had been revoked.
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access → discover → systems
After being locked out, Mr McDonald wrote to MailGuard asserting he was still employed and requested that key records relating to his employment be preserved.
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records → lock → employment
On July 6, he was notified his employment was terminated with immediate effect, via a letter citing 'a number of alleged acts of misconduct', according to the FWC decision.
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employment → notify → decision
The allegations - untested and detailed in the FWC's published decision - include 'incurring excessive personal expenses on a business credit card' and repudiating his contract.
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allegations → detail → contract
MailGuard also alleged Mr McDonald caused 'serious risk' to the company's 'reputation and profitability' by telling Macquarie Bank and staff the business 'is over'.
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business → allege → Bank
The letter additionally accused Mr McDonald of encouraging the appointed receiver and manager to initiate a sale process and place MailGuard into liquidation without board approval.
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letter → accuse → approval
The MailGuard office building is pictured
It further alleged 'the continuation of engagement' of Mr McDonald's wife, also without notifying the board and in breach of contract.
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It → picture → contract
Daily Mail does not suggest any allegations of wrongdoing against Mr McDonald's wife.
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Mail → suggest → wife
An ASIC report on the company's activities and property shows a receiver and manager from Ernst & Young were appointed by Macquarie Bank on June 11.
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receiver → show → June
The report dated August 11 showed Macquarie Bank had a claim over all MailGuard assets, including $130,000 in company bank accounts, computer equipment, and intellectual property.
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Bank → date → accounts
Other creditors listed include AMEX, owed $245,210.70; the ATO, owed $478,273.00; and the State Revenue Office Victoria, owed $124,322.70.
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ATO → list → 124,322.70
Additional ‘unknown trade creditors’ are owed $832,126.18.
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creditors → owe → 832,126.18
At the time, employees were owed $861,942.27 in annual leave, superannuation, and long service leave entitlements, according to the report, while MailGuard itself was owed $251,771.
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MailGuard → owe → 251,771
The ASIC report did not name Mr McDonald, and Daily Mail does not suggest he is responsible for any amounts owed to creditors.
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he → name → creditors
A spokesperson for MailGuard said: 'The company is operating its business as usual'
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company → say → business
'It does not owe wages or salary to its employees.
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It → owe → employees
As with any ongoing business, it has continuing commitments to its employees with respect to annual leave, long service leave, and superannuation.
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it → have → leave
'We otherwise do not comment on claims before the Fair Work Commission.'
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We → comment → Commission
Craig McDonald was approached for comment.
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McDonald → approach → comment
The Aporia
