Gold Coast construction company director Joshua Ridley banned over $7.1m collapses

A former construction company director has been banned for five years over company failures that left a $7.1m trail of debts. DETAILS

A former construction company director has been banned for five years over company failures that left a $7.1m trail of debts.

ASIC has disqualified Helensvale man Joshua Ian Ridley, 46, from managing corporations for the maximum period of five years due to his involvement in the failure of six companies.  

A statement from the corporate watchdog said, between April 2009 and November 2021, Mr Ridley acted as the director of six companies that operated in the construction industry: 

• Disco Holdings Pty Ltd (ACN 608 310 390); 
• Tiger Trac Pty Ltd (ACN 137 633 357);  
• Dalrimple Investments Pty Ltd (ACN 139 036 712); 
• Rocor Holdings Pty Ltd (ACN 135 727 267); 
• CTE (Aust) Pty Ltd (ACN 135 308 495); and 
• Tiger Mech Pty Ltd (ACN 141 831 601). 

ASIC's statement said Mr Ridley acted improperly and failed to meet his obligations as director when he: 

• failed to ensure that Disco Holdings, Tiger Trac, Rocor Holdings, CTE (Aust) and Tiger Mech paid their statutory debts to the Australian Taxation Office (ATO); 
• failed to ensure Disco Holdings and Tiger Trac complied with their ATO lodgement obligations;  
• Improperly used his position as the director of Disco Holdings by disposing of assets, equipment and vehicles in circumstances where the proceeds for those disposals were not properly accounted for, and by personally receiving the proceeds of the sale;  
• failed to ensure that Disco Holding’s books and records accurately and transparently reflected ownership of its assets, their disposal and the receipt of sale proceeds; 
• improperly used his position as the director of Tiger Trac by transferring assets to a related company where there was no evidence of full consideration being paid, and transferring funds to related parties where there was insufficient evidence of a proper basis for such transfers; 
• allowed Disco Holdings and Tiger Trac to continue incurring debts where there were reasonable grounds for suspecting they were insolvent; 
• failed to ensure that the financial records of Disco Holdings and Tiger Trac correctly recorded and explained their transactions, financial position and performance, and would not enable true and fair financial statements to be prepared and audited; and 
• continued to manage Disco Holdings whilst he was disqualified from managing corporations contrary to s206A of the Corporations Act. 

At the time of ASIC’s decision, the companies owed a combined total of $7,144,033 to creditors, including $2,991,983 owing to the Australian Taxation Office. 

In disqualifying Mr Ridley, ASIC relied on supplementary reports lodged by Disco Holding’s liquidators, Joanne Dunn and Kelly Trenfield of FTI Consulting, and Tiger Trac’s liquidator, Greg Dudley of RSM.  

Mr Ridley is disqualified from managing corporations until June 20, 2027, but has the right to seek a review by the Administrative Appeals Tribunal. 

Former Coast CEO on five criminal charges

June 11, 2022: A Gold Coast former investment firm CEO could face a decade in jail after he was charged with five criminal offences over his alleged dealings with $1m in client funds.

Surfers Paradise man Akhilesh Kamkolkar faced Sydney’s Downing Centre Local Court this week charged with three counts of engaging in dishonest conduct and two counts of carrying on a financial services business without a licence.

The Australian Securities and Investments Commission alleges Mr Kamkolkar, as CEO and sole director of Orb Global Investments (Australia) Pty Ltd, obtained nearly one million dollars from four investors and failed to invest those funds according to their instructions.

Orb Global Investments CEO Akhilesh Kamkolkar.

The offences were alleged to have taken place between January 2014 and February 2018. ASIC alleges Mr Kamkolkar told the four investors that the investments were low risk, and falsely, that he had invested the funds which were earning returns.

While $25,000 was repaid to one investor, the balance of the funds was not recovered.

“Mr Kamkolkar allegedly used the nearly one million dollars for his own personal benefit, to pay other clients of Orb Global or to pay business expenses, without the consent or knowledge of the four investors,’ ASIC said.

In 2018, Orb Global went into liquidation and it was deregistered in September 2019.

A 2018 report from liquidator Robert Ditrich said the company had eight unsecured creditors owed more than $11.8m between them.

ASIC further alleged Orb Global and Mr Kamkolkar carried on a financial services business without an Australian Financial Services licence between April and July 2015, and later between March 2016 and February 2018.

The matter has been adjourned to August 2.

Orb Global Investments CEO Akhilesh Kamkolkar.

High-profile Coast businessman banned

June 9, 2002: A Robina man, whose companies owed more than $17.3m when they collapsed, has been banned from managing corporations for three years.

Glenn Gaudet, who has been behind a number of high-profile ASX listings, was sole director of four health services companies: Strategic Allied Health; Strategic Equity Alliance Holdings; Australian Dental Network; and Strategic Alliance Health between November 2015 and February 2021.

Strategic Equity Alliance was the investment firm behind the ASX listing of veterinary chain Greencross, of which Mr Gaudet was a director until 2008.

Greencross was delisted in 2019 after a $970m takeover from US private equity giant TPG.

Mr Gaudet was also involved in the listing of Gold Coast based National Veterinary Care, and was a director of that company until 2015. NVC delisted in 2020.

Glenn Gaudet, pictured in 2016.

An investigation by the Australian Securities and Investments Commission found Mr Gaudet failed to ensure his four health services companies complied with their tax obligations and had sufficient working capital.

It found he allowed a shadow director to make strategic decisions and control the affairs of Strategic Alliance Health, and failed to prevent that company 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.

That report listed Gold Coast firm Ramsden Lawyers as a secured creditor owed $1.6m for IPO and other legal services, and listed a further 26 parties as unsecured creditors owed almost $700,000 between them.

Glenn Gaudet.

ASIC assisted Mr Lakomy to prepare his report by providing funding from the Assetless Administration Fund.

Mr Gaudet is disqualified from managing corporations until May 24, 2025, but has the right to seek a review by the Administrative Appeals tribunal.