Bankrupt Brisbane gym operator banned from running companies for three years

Brisbane-based gym operator Jacob ‘Jake’ Henley was banned from running companies for three years following the collapse of nine of his businesses in 2017 and owed more than $ 13.5million dollars.

The ban, announced last week by the Australian Securities and Investment Commission (ASIC). follows the liquidation, between February and May 2017, of companies of which Henley was a director including Gym and Tonic Healthclubs Pty Ltd, Performa Nutrition Pty Ltd, Fitness Managament Company Pty Ltd and Snap Fitness Double Bay Pty Ltd.

Henley, whose bankrupt businesses still owe huge sums to their creditors, also reportedly failed to pay traders and suppliers who were working on projects such as its now closed Fit Village on the Brisbane suburb of Paddington.

As reported by The Courier-Mail, Henley also previously served as director of at least 40 entities, most of which collapsed.

With a creditor forcing Henley into personal bankruptcy in 2017, The Courier-Mail also reported that Henley’s three-year bankruptcy term was extended to mid-2020 at the behest of its trustees just days before it was ‘he will not be released.

The trustees said he did not cooperate, failing to provide the required information about his property and income while also being accused of improperly discharging assets for his benefit at the expense of his creditors.

Henley’s bankruptcy document states that “the bankrupt disposed of the property but failed to adequately explain to the trustees why no money was received as a result of the disposition or what the bankrupt did with the money received as a result of the disposition. “

Henley is not expected to be discharged from bankruptcy until 2025

He is also expected to appear in Brisbane Magistrates’ Court, charged with one count of counterfeiting and one count of document forgery.

He has not yet filed a plea in this case, which concerns the alleged fabrication and distribution of a Commonwealth Bank receipt,

Creditors of Henley’s bankrupt businesses include a woman who obtained a judgment last year to recover nearly $ 25,000 and an architect who has been suing nearly $ 16,000 since 2018.

A construction company also owes around $ 1.4 million for the Fit Village fitness center. The Queensland Building and Construction Commission ordered Henley to pay off the debt in 2019.

ASIC said its decision this week primarily affected only two of the now-defunct companies of Henley, Gym and Tonic Pty Ltd and Yelneh Industries Pty Ltd.

The regulator said Henley failed to keep accurate records, hampered liquidators by failing to provide documents and allowed entities to trade when they were likely insolvent.

ASIC said Henley had also “abused his position as a director by transferring or removing a combined total of $ 154,690 from the companies to gain a benefit for himself or for related parties.”

ASIC noted that Henley is excluded from management companies until July 1, 2024.

Click here to read the ASIC notice.

Image: Jake Henley.

Related Articles

July 6, 2021 – Fitness Cartel Owners Turn to Fitness Business Sales to Drive Franchise Growth

July 5, 2021 – Applications open for the 2021 Fitness Industry Awards

July 3, 2021 – Fitness Australia invites to participate in industry trends survey

June 29, 2021 – Genesis Fitness Promotes Sponsored Facebook Post as “News”

March 23, 2021 – Fitness Australia Says Industry ‘Continues to Strengthen’ 12 Months Since COVID-19 Closures

October 18, 2020 – Brisbane gym operator charged with forgery and sued for multiple unpaid debts

September 2, 2020 – ASIC sues GoGetta Equipment Funding Pty Ltd for unlicensed consumer leasing

January 18, 2019 – Sports compression brand SKINS files for bankruptcy

September 10, 2015 – Quiksilver files for bankruptcy in the US

January 24, 2019 – Embody Gym liquidation causes creditors to lose $ 3.8 million

September 5, 2017 – Brisbane gymnasium owned by brother of tennis star Nick Kyrgios “Permanent closure”

August 29, 2017 – The Titans of the Fitness Industry workshop will travel to Sydney and Melbourne in October

March 12, 2016 – Leading Personal Trainer Tired of Fakes and Cash Grabbers


Ask for a little favor
We hope you enjoy the news we publish so while you are here can we ask for your support?

The news we publish on www.ausleisure.com.au is independent, credible (we hope) and free to you, with no pay walls or annoying pop-up ads.

However, as an independent publisher, can we ask you to support us by subscribing to the print version? Australian Leisure Management magazine – if you don’t already.

Published bimonthly since 1997, the print Australian Leisure Management differs from this website in that it publishes longer, in-depth and analytical articles covering water sports, attractions, entertainment, events, fitness, parks, recreation, sport, tourism and management sites.

Subscriptions cost just $ 90 per year.

Click here register.

Source link

About Betty Nelson

Check Also

Take a look at the new multi-million pound leisure center in Sheerwater

A brand new, state-of-the-art leisure center featuring the best of modern technology has opened in …

Leave a Reply

Your email address will not be published. Required fields are marked *