So-called property educator Dominique Grubisa, who ASIC has described as having a habit of “not telling the truth”, may have traded two firms while insolvent.
The liquidator for collapsed companies run by ASIC-banned property and debt spruiker Dominique Grubisa believes the businesses may have traded while insolvent, with preliminary investigations suggesting the company held no assets and owed money to the tax office and other related parties.
In both statutory reports to creditors, liquidator Danny Vrkic of DV Recovery Management said Ms Grubisa “may have traded the company whilst insolvent”. Regarding DGI Accounting, which provided accounting services to clients of DG Institute, the insolvent trading may have occurred as early as February 2021.But the liquidators said further investigation would be required to see whether an insolvent trading claim existed and they had insufficient funding to proceed further.
Trading while insolvent, meaning continuing to operate while unable to pay debts when they are due, can lead to penalties or criminal charges for directors if certain thresholds are met. The corporate regulator can also chase directors for compensation for creditors, to the point of bankruptcy.despite being banned by ASIC from running companies, and no longer has a legal practising certificate, according to the Victorian Legal Services Board and Commissioner.
DGI Accounting also had no assets, the only known creditor was the ATO and the debt to the tax office increased after February 2021, according to the liquidator report. The company did not have the money to pay related-party debts, the liquidator said. The report said a potential claim against Ms Grubisa might be around $165,000.According to the DGI Debt Management report, Ms Grubisa’s explanation for its failure was that it was “unable to trade due to banning order”.
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