The founder and former chief executive of financially troubled cybersecurity company MailGuard was locked out of its systems before allegations emerged that he had charged substantial personal expenses to the corporate card, as the business’s creditor debts climbed beyond $3 million.
Craig McDonald, who has been described as the ‘award-winning entrepreneur and cybersecurity visionary’ behind MailGuard, filed a case against his former company with the Fair Work Commission last month.
Mr McDonald alleged that he was unfairly dismissed after exercising workplace rights to raise complaints and make inquiries concerning his employment.
However, the FWC dismissed his August 14 application because it was filed 18 days outside the deadline. The substance of Mr McDonald’s claim was not considered.
In its published ruling, the FWC said serious misconduct allegations had been made against Mr McDonald when his employment ended.
Daily Mail can also reveal that ASIC records show receivers were appointed to MailGuard in June, when the company owed $1 million to Macquarie 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 after it was filed 18 days late, leaving the merits of his claim undetermined
A company spokesperson told the Daily Mail that the Macquarie Bank debt has since been ‘completely discharged’ and that the ‘receivers retired’.
The FWC decision, dated September 10, states that Mr McDonald was appointed chief executive on December 24, 2025.
On June 29, before his dismissal, Mr McDonald questioned his removal and offered to serve a six-month notice period. The next day, he discovered his access to MailGuard’s systems had been revoked.
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.
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.
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.
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’.
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.
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.
Daily Mail does not suggest any allegations of wrongdoing against Mr McDonald’s 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.
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.
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. Additional ‘unknown trade creditors’ are owed $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.
The ASIC report did not name Mr McDonald, and Daily Mail does not suggest he is responsible for any amounts owed to creditors.
A spokesperson for MailGuard said: ‘The company is operating its business as usual’
‘It does not owe wages or salary to its employees. As with any ongoing business, it has continuing commitments to its employees with respect to annual leave, long service leave, and superannuation.’
‘We otherwise do not comment on claims before the Fair Work Commission.’
Craig McDonald was approached for comment.