Thursday, December 3, 2009

Hedley Bankrupt?

The SMH has reported that Tom Hedley "has appointed a trustee who will hold a meeting of his personal creditors before Christmas to nut out a personal insolvency agreement under the Bankruptcy Act."

The story, filed by Eliabeth Knight, contains some interesting references including that "Hedley is the stuff of legend in his home town of Cairns, where he apparently lives most of his life in a lean-to attached to one of his pubs." I presume the pub is the Red Beret but hadn't noted the "lean-to". Perhaps this is the perception of Queenslander architecture from the perspective of the Sydney McMansion?

Knight comments that "A formal statement of his financial affairs to be produced by the trustee will outline just how little he has left in the tin, how much he owes and to whom it is owed. Typically, these kinds of documents make for fascinating reading because businesses like airlines, hire car companies, florists and credit card providers tend to feature."

Kitchenslut is still curious about his partner Jeanine Cooke popping up on the HLG (now RPF) register at June 30 as the 3rd largest shareholder. He also notes that Tom would appear to have been in breach of the Corporations Act by not disclosing a change in substantial holding in RPF for some time, although this has become almost standard for Hedley.

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