ASIC has disqualified former building and construction industry director Simon Maurice Pitard of Cheltenham, Victoria, from managing corporations for three years and six months due to his involvement in numerous failed companies.
Mr Pitard was a director of 42 companies within the Steller Group, all of which entered into liquidation between 2019 and 2020, including ACN 169 565 673 Pty Ltd, Stellar Cranes Pty Ltd and Stellar Safety Pty Ltd. The Steller Group operated in the building and construction industry.
ASIC found that Mr Pitard:
- lacked strategic management of his companies and failed to provide oversight and monitor the companies' activities;
- did not ensure ACN 169 565 673 kept accurate books and records;
- allowed ACN 169 565 673 to loan funds to related entities without conducting appropriate assessments and monitoring;
- allowed ACN 169 565 673 to retain the risk of a finance agreement after transferring the legal right and title of the asset to a related entity;
- did not ensure Steller Cranes complied with Australian Taxation Office (ATO) lodgement obligations; and
- did not ensure Steller Cranes and ACN 169 565 673 made timely reporting and payments to the ATO.
The total amount owed to secured and unsecured creditors across all 42 companies is estimated to be more than $617 million. Specifically, in regard to ACN 169 565 673, Stellar Cranes and Stellar Safety, the total amount owed to secured and unsecured creditors was approximately $6.6 million of which approximately $1 million is owed to the ATO.
In making its decision to disqualify Mr Pitard, ASIC relied on supplementary reports lodged by the liquidator of ACN 169 565 673, Steller Safety and Steller Cranes, Con Kokkinos of Worrells Solvency and Forensic Accountants. ASIC assisted the liquidator in preparing the reports by providing funding from the Assetless Administration Fund.
Mr Pitard is disqualified from managing corporations until 27 September 2025.
Mr Pitard has the right to seek a review of ASIC's decision by the Administrative Appeals Tribunal.
Background
The complete list of companies for which Mr Pitard was a director are:
- ACN 169 565 673 Pty Ltd (ACN 169 565 673)
- AM PM Highett Pty Ltd (ACN 614 730 755)
- Concepts Pitard Pty Ltd (ACN 623 497 192)
- Development Steller Pty Ltd (ACN 629 168 289)
- Fortstone Operations Pty Ltd (ACN 622 645 747)
- Integrated Services Hire Pty Ltd (ACN 622 018 419)
- Rapid Bins Pty Ltd (ACN 604 324 067)
- Rellets Trade Hardware Pty Ltd (ACN 622 296 520)
- SPV 51 Pty Ltd (ACN 607 499 641)
- SPV 66 Pty Ltd (ACN 607 500 649)
- SPV 68 Pty Ltd (ACN 607 501 593)
- SPV 74 Pty Ltd (ACN 607 502 303)
- SPV 84 Pty Ltd (ACN 607 505 966)
- Steller 127 Pty Ltd (ACN 612 609 800)
- Steller 203 Pty Ltd (ACN 619 507 158)
- Steller 225 Pty Ltd (ACN 619 736 560)
- Steller Building Systems Pty Ltd (ACN 625 944 452)
- Steller Care Parkdale Pty Ltd (ACN 627 818 802)
- Steller Care Sandringham Pty Ltd (ACN 627 113 973)
- Steller Central Pty Ltd (ACN 618 919 690)
- Steller Child Care Pty Ltd (ACN 622 457 738)
- Steller Commercial Pty Ltd (ACN 622 623 269)
- Steller Cranes Pty Ltd (ACN 620 749 653)
- Steller Elite Project Management Pty Ltd (ACN 620 529 606)
- Steller Estate Bittern Pty Ltd (ACN 616 028 632)
- Steller Estate Mornington Pty Ltd (ACN 616 054 356)
- Steller Estate Pty Ltd (ACN 616 024 081)
- Steller Estate Rosebud Primary Pty Ltd (ACN 620 496 899)
- Steller Estate Rosebud Pty Ltd (ACN 616 045 679)
- Steller GA JV Pty Ltd (ACN 622 569 055)
- Steller Hire Pty Ltd (ACN 621 100 847)
- Steller Lifestyle Pty Ltd (ACN 155 595 565)
- Steller Lining Pty Ltd (ACN 620 633 641)
- Steller Maintenance Pty Ltd (ACN 617 458 509)
- Steller Paint Pty Ltd (ACN 619 401 268)
- Steller Plus Pty Ltd (ACN 623 440 273)
- Steller Projects Pty Ltd (ACN 164 961 451)
- Steller Restaurants Pty Ltd (ACN 622 446 799)
- Steller Safety Pty Ltd (ACN 619 441 913)
- Steller Steel Pty Ltd (ACN 626 331 413)
- Steller Traffic Pty Ltd (ACN 620 753 531)
- The Groundsmen Cheltenham Pty Ltd (ACN 617 814 552)
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 that 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
- practising in the financial services or credit industry.
