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Showing posts from November, 2010

Five star resort project set to fail due to bankruptcy

The collapse of a five-star resort project in the Yarra Valley has cost investors  millions of dollars and left the Brumby government embarrassed on the eve of the state election
Industry sources said the only slim chance of the project being revived lay with construction company Brookfield Multiplex, which has built Hilton projects in the past.

With the 30-hectare property now in the hands of receivers and up for sale, Mr Roux has filed a bankruptcy application offering his creditors less than half a cent in the dollar. According to an insolvency agreement prepared by Pitcher Partners, Mr Roux has just $25 cash in a bank account, a financed Mercedes-Benz and a painting worth $15,000, on which he also owes money.

Until his recent financial woes, Mr Roux owned a Queensland-based polo team Hyde Hill, named after the street in which he lives in Melbourne's outer south-east. Hyde Hill has competed against James Packer's Ellerston polo team over the years.

Bankruptcy and Debtor/Credi…