Wednesday, December 18, 2013

The Edge's Bill Vlahos declares bankruptcy


Bill Vlahos, the operator of failed $500 million punting club The Edge, has declared himself bankrupt.

Trustee in bankruptcy Clyde White, of PCI, said the only substantial debt declared by Mr Vlahos was $26 million owed to Bahamas-based company Aloga, which was used by a group of US businessmen to invest in the punting club.

However, Mr White said he expected more creditors would emerge as news of the bankruptcy spread.
‘‘I’m quite sure there will be a lot more creditors than are identified in the statement of affairs [filed by Mr Vlahos],’’ he said.

‘‘In the circumstances that surround this particular matter, and similar matters that I’ve dealt wth, there will be more that stick their hands up, as sure as day follows night.’’

He said Mr Vlahos’ only declared asset was a bank account containing a few thousand dollars.

’’There’s no assets. He doesn’t have any real property and there’s a bank account, that’s it,’’ he said.
He said Mr Vlahos only identified six to 10 creditors, of which Aloga was by far the largest.

‘‘I’ve been there only since yesterday... we’ve already probably identified another few that will be there that will have fairly large claims,’’ he said.

Mr Vlahos appointed Mr White on Monday.

Mr White appealed for those with information to come forward.

‘‘I need to find out a lot more,’’ he said.

‘‘I’ve still got a mountain of questions  – it’s a needle in a haystack.

‘‘If people have been involved and are in the industry they might be able to give me pointers.’’

A creditors meeting will be held in January.

smh.com.au 17 Dec 2013

Corporate Fraud in Australia reigns supreme.
 
One can hand in the paperwork to become 'bankrupt' and have a clean slate.
 
The laws in Australia have been set up for the benefit of the (untouchable) corporatocracy, especially when it comes to defrauding the general populous.

All Bill has to worry about now is how passionate some 'investors' are about losing their money, and what they are prepared to do, as payback.

The government is in no hurry to change any laws with regards to corporate fraud, but instead will pass legislation that enables operators to install 'speed cameras' for the interest of public safety.

Australian law favours white collar crime and (always?) will.

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