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Queensland director hit with ASIC penalty

09 July 2021 1 minute readShare

A Queensland director has been disqualified from managing corporations for three years following an investigation by the corporate watchdog.

Jacob Robert Henley has been disqualified from managing companies for three years unti1 July 2024 after his involvement in nine failed companies that went into liquidation between February and May 2017. Prior to liquidation, the companies operated in the health and fitness, hospitality, arts and recreation, business and personal services, and construction industries.

The companies outlined by ASIC include: Gym and Tonic Healthclubs Pty Ltd, Yelneh Industries Pty Ltd, TVH Enterprise (Australia), Performa Nutrition Pty Ltd, Fitness Managament Company Pty Ltd, Snap Fitness Double Bay Pty Ltd, Seedz Investments Pty Ltd, Henleys Property and Construction Group Pty Ltd, and The Henley Group Pty Ltd.

Outlining its decision to disqualify Mr Henley, ASIC found that, in relation to Gym & Tonic and Yelneh (the companies), he “failed to exercise his powers and discharge as a director with care and diligence, good faith and in the best interest of the companies; failed to take reasonable steps to ensure that the companies complied with their obligations to keep accurate written financial records; and failed to assist the liquidators by not delivering the companies’ books and records”.

ASIC also concluded the director had “failed to act with care and diligence by allowing the companies to trade while insolvent or likely to be insolvent; improperly used his position as director by transferring or withdrawing a combined total of $154,690 from the companies to gain an advantage for himself or related parties; and conducted himself in a manner that was below the standard expected of a company director”.

“The nine companies collectively owed approximately $13,791,221 to creditors, of which $10,471,239 was owed to unsecured creditors, and $314,514 of this was owed to the Australian Taxation Office,” ASIC said.

“In making its decision, ASIC relied on supplementary reports lodged by the liquidators of Gym and Tonic, Shumit Banerjee and Ian Purchas of SV Partners, and the liquidator of Yelneh, Gavin Moss of Chifley Advisory. ASIC assisted both liquidators to prepare supplementary reports by providing funding from the Assetless Administration Fund.”

Queensland director hit with ASIC penalty
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