Liquidator: “Happy to lose $350k, let the boat go to scrap”

“I am happy to have lost $350,000 and let the boat be scrapped,” says the email to Kimberley Pearl Tours, a partner of liquidator Hall Chadwick.

What is fraud? Fraud Section 420A The Companies Act says: ““In exercising the power of sale in respect of the property of a company, the controller must take all reasonable care to sell the property at market value, which shall not be less than … market value.”

Why would any liquidator or creditor, in this case Richard Albarran of Hall Chadwick, want to scrap a boat that generates revenues of $3-5 million a year?

Something needs to be security over other assets, like people’s homes. I wonder who did the financing? Wonders never end.

Private lenders, brokers and liquidators. It’s a dark world.

Michael West was founded Michael West Media Focusing on public interest journalism in 2016, particularly the increasing power of corporations over democracy. West was previously a journalist and editor for Fairfax newspapers, a columnist for News Corp and was even once a stockbroker.