FORMER Gold Coast developer Craig Gore faces bankruptcy after his creditors yesterday voted to terminate a personal insolvency agreement following a missed payment of about $83,000.
Mr Gore escaped personal bankruptcy in November 2010 after creditors, who were owed more than $480 million, voted in favour of a deal that meant they would be repaid just $3m, in what was understood to be Australia’s largest insolvency case.
But yesterday creditors voted for the personal insolvency agreement to be scrapped after the $83,000 payment was missed this month.
It is understood Mr Gore’s consultancy agreement to supply his services to MOGS, a company of which his Swedish wife, Marina, and his business colleague Graeme Stonehouse are directors, was terminated this week.
About 10 people attended yesterday’s Sydney meeting.
Anthony Warner of CRS Insolvency Services, who is the trustee of Mr Gore’s former estate, said a representative from the Australian Taxation Office indicated the ATO would be applying to the court to have Mr Gore declared bankrupt.
The personal insolvency deal struck in November 2010 was to result in Mr Gore’s 90-plus creditors being paid back little more than 6c in the dollar over three years and securing a 30 per cent stake in one of his businesses.
Mr Gore, who featured on the BRW Rich List three years ago with a fortune of $183m, was previously declared bankrupt in the 1990s but it was later annulled.