ASIC has disqualified Glenn Gaudet of Robina, Queensland, from managing corporations for three years due to his involvement in the failure of four companies.
Between November 2015 and February 2021, Mr Gaudet was the sole director of four companies:
- Strategic Allied Health Pty Ltd (ACN 618 302 319)
- Strategic Equity Alliance Holdings Pty Ltd (ACN 628 598 229);
- Australian Dental Network Pty Ltd (ACN 609 498 188); and
- Strategic Alliance Health Pty Ltd (ACN 613 209 756) from May 2019.
All four companies operated in the corporate health services industry.
ASIC found that Mr Gaudet acted improperly and failed to meet his obligations as director when he:
- failed to ensure Strategic Allied Health, Strategic Equity Alliance Holdings and Australian Dental Network complied with their tax obligations and had sufficient working capital,
- surrendered his director duties to another person and permitted a shadow director to make strategic decisions and control the affairs of Strategic Alliance Health while he held the office of director, and
- failed to prevent Strategic Allied Health from incurring debts when it was insolvent.
At the time of winding up, the four companies owed a combined total of over $17.3 million to unsecured creditors.
In disqualifying Mr Gaudet, ASIC relied on a supplementary report lodged by Strategic Allied Health Pty Ltd’s liquidator, Andre Lakomy of Cor Cordis. ASIC assisted Mr Lakomy to prepare his report by providing funding from the Assetless Administration Fund.
Mr Gaudet is disqualified from managing corporations until 24 May 2025.
Mr Gaudet has the right to seek a review of ASIC’s decision by the Administrative Appeals tribunal.
Section 206F of the Corporations Act allows ASIC to disqualify a person from managing corporations for a maximum period of five years if, within a seven year period, the person was an officer of two or more companies, and those companies were wound up and a liquidator provides a report to ASIC about each of the company’s inability to pay its debts.
ASIC maintains a banned and disqualified persons register that provides information about people who have been disqualified from:
- involvement in the management of a corporation;
- auditing self-managed superannuation funds (SMSFs); or
- practicing in the financial services or credit industry.