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.
