No end to Craig McDermott’s woes

June 6th, 2008 - 3:22 pm ICT by IANS  

Sydney, June 6 (IANS) There is no end to former Australian fast bowler Craig McDermott’s woes. After an acrimonious stint with his second wife, McDermott’s financial life is in tatters now. The Victorian Supreme Court has ordered that Maxen Developments group — a company controlled by the cricketer-turned-property-developer — be wound up.

The order was made Thursday, with McDermott blaming the failure of Bridgecorp Finance for the collapse of his Maxen Developments group, reports The Australian.

The court decision ends another sorry chapter in the saga of McDermott, whose financial and matrimonial affairs were widely aired last year after his company Maxen fell victim to falling residential property markets.

In September, it was revealed that McDermott’s second wife intended to sue him for allegedly refusing to pay for child support.

McDermott’s financial problems started earlier in the year after the collapse of Bridgecorp, owing about 18,000 investors almost $400 million.

It was subsequently revealed that his company had huge “longstanding” debt to Bridgecorp.

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