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.
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