The bankruptcy of former Billabong chief Matthew Perrin is about to get very messy, and the lawyer-turned-entrepreneur could be about to lose his $10 million Surfers Paradise mansion.
Perrin’s trustee-in-bankruptcy Graham Starkey has said Perrin’s home would not be involved in his personal bankruptcy because it is in the name of his wife Nicole. But The Australian has reported that the administrator of two Perrin family companies that have collapsed could pursue the house, as Nicole Perrin went guarantor on a loan to her husband.
Julie Williams, of Brisbane group Insolvency & Turnaround Solutions, has been appointed administrator of one Perrin family company and liquidator of another. She intends to hold creditor meetings of those companies on 12 March.
More details have also emerged about who is owed how much from Perrin’s empire.
Commonwealth Bank is believed to be owed $10 million to $15 million, while Chinese investment firm Citic Capital Finance is also to reported to be a major creditor.
The total amount owed by Perrin has been estimated at $28 million by Starkey.
Perrin, the former chief executive of surfwear giant Billabong International, was valued at $150 million by BRW last year.
But a failed investment in a Chinese supermarket chain has bought his empire crashing down.
Related stories:
James was the editor and publisher of SmartCompany and LeadingCompany for five years. He is now the Australian Financial Review‘s companies & markets editor, and a former BRW editor.
Comments