CRAIG GORE CRASHES BACK DOWN TO EARTH
Written on the 17 April 2012
HIGH-flying Craig Gore (pictured) has crash landed again.
The Gold Coast-based developer has filed for his second bankruptcy in 20 years. He reportedly owes more than $280 million to debtors.
Gore returned from an overseas holiday this week and is believed to have surrendered his passport to the Federal Government’s Insolvency and Trustee Service Australia.
Gore, 45, has been battling to stay afloat for nearly two years.
In 2010, he negotiated a $495 million personal insolvency agreement with creditors, but that was terminated in February after alleged breaches of the arrangements.
Among the creditors is Mayfair PLC, owned by British former Conservative Party deputy chairman Lord Michael Ashcroft, which claims it is owed $140 million by Gore.
Gore disputes he defaulted on the insolvency agreement or that Mayfair is among his creditors. The matter is scheduled to go to court next month.
Gore is the son of the late Mike Gore who built the Sanctuary Cove development on the northern Gold Coast.
Just five years ago, Craig Gore was included in a list of Australia’s top 200 richest people with an estimated $183 million fortune.
Gore, who still maintains an address at Sanctuary Cove was previously bankrupt between 1992 and 1999. On that occasion, creditors who collectively were owed more than $300,000 eventually regained only 11 cents in the dollar on the debts.
His most recent business ventures include Wright Patton Shakespeare (WPS) financial services, property development and finance group Atkinson Gore, luxury home builder Consolidated Project Homes, plus Aussie Vineyards. Mayfair now owns most of Gore’s former Australian businesses.
Comment was sought from Mayfair PLC Australian boss Shane Stone and Gore’s insolvency trustee Anthony Warner from CRS Warner Kugel, but neither answered calls.