Former Oz fast bowler McDermott declares himself bankrupt, to pay debt of 40 mln dollars

June 24th, 2008 - 3:35 pm ICT by ANI  

Melbourne, June 24 (ANI): Champion cricketer turned property developer Craig McDermott is bankrupt and his company owes at least 40 million dollars to dozens of investors who came forward to back the former Test fast bowler.
McDermott, 43, who was known as Billy the Kid because of his early arrival in top cricket, filed for bankruptcy on June 12 and held his first conference call with a court-appointed receiver last week.
The National Personal Solvency Index has McDermott as an undischarged bankrupt, with his occupation listed as “unemployed”.
His property company, Maxen Developments Pty Ltd, has collapsed with 18 million dollars in debt acknowledged by McDermott, who is the company’s sole director, according to liquidator Susan Carter, a partner in Worrells solvency and forensic accountants.
Separately, Maxen still owes more than 22 million dollars, plus interest, from loans with collapsed finance company Bridgecorp, according to the receiver in that case, Brian Silvia.
According to The Australian, the latest grim twist in his troubled business career doesn’t appear to have affected McDermott’s luxurious Gold Coast lifestyle as yet.
He was photographed last week driving a new Mercedes GL SUV as he left his five-bedroom mansion - valued at about nine million dollars - in the Gold Coast’s Runaway Bay.
But more than 140 people have come forward saying they are owed money after investing in Maxen, which was ordered wound up after a hearing in the Victorian Supreme Court on June 5 as a result of an unpaid debt Maxen had with the Victorian Metropolitan Fire and Emergency Services Board.
Maxen, which promoted itself as “one of the Asia Pacific region’s best known developers and project managers”, was involved in projects including the Bargara Beach residential estate near Bundaberg. McDermott lives at Runaway Bay with his wife, Ann-Maree.
Their two-storey home is on the market. The property has a basement with room for 10 cars and a climate-controlled wine cellar. (ANI)

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