The decision follows her involvement in the failure of two firms
The Australian Securities & Investments Commission (ASIC) has announced the 18-month disqualification of director Dominique Grubisa from managing corporations, which took effect on 24 May 2024, as she was involved in the failure of two firms.
According to ASIC, which relied on the supplementary reports given by DV Recovery Management liquidator Danny Vrkic, Grubisa failed to uphold the standards that were expected of a company director, engaged in insolvent trading, and did not exercise her powers and duties as both the sole director of DGI Accounting Pty (DGIA) and DGI Debt Management Pty Ltd (DGID) with due diligence.
The two firms had a combined debt that amounted to $305,623 with the Australian Taxation Office being the main creditor at the time the ASIC made its decision.
Grubisa asked the Administrative Appeals Tribunal (AAT) for a review of the commission’s decision as well as a stay of the decision and orders of confidentiality. Days after, the AAT granted an interim stay of the commission’s decision pending resolution of the stay and confidentiality applications.
The AAT then ordered a stay of the decision, with an agreement that Grubisa will only be a director of one company, Master Wealth Control Pty Ltd (MWC), for limited purposes until 1 August 2024 before later being extended until 18 October 2024. However, the AAT also dismissed her confidentiality application.
The Federal Court had made orders against MWC and Grubisa on 19 July in proceedings that were brought by the Australian Competition and Consumer Commission (ACCC). This included an order that stated Grubisa was to pay $1 million in penalties and that she would be disqualified from managing corporations for five years.
The provisions within the Corporations Act give ASIC the authority to disqualify someone from managing corporations for a maximum of five years should they be an officer of two or more companies that end= up being unable to pay their debts.
