THE directors of Bryan Byrt have declared themselves bankrupt

[csv8]

"THE directors of Bryan Byrt have declared themselves bankrupt with $200 each in the bank, following the auto dealership’s $70 million collapse.

Brendon and John Crowley also do not have vehicles in their own name among assets, according to bankruptcy statements obtained by The Courier-Mail.

Their creditors were potentially owed $18.7 million in John’s case and $37 million in Brendon’s situation. Much of that debt seems shared.

The Crowleys were directors of the Brisbane-based Bryan Byrt group, which started nearly 40 years ago and traded vehicles from Fords to Volkswagens at seven Queensland sites.

Bryan Byrt employed 275 staff but collapsed in early November last year owing funds to creditors from small tyre dealers to big banks ANZ and NAB.

It later emerged the dealership’s auditors had quit in October and notified the Australian Securities and Investments Commission after finding “irregularities” in accounts. John, 69, and Brendon Crowley, 43, had also called in specialist accountants over concerns about “potential fraud”, according to an administrators report.

But ANZ chased them along with Judy Crowley, who lives with John, over guarantees for loans to the dealership. ANZ won a legal ruling in March for $18.5 million.

Documents lodged with the Australian Financial Security Authority now show the three filed for bankruptcy in April, with John Shanahan of Gervase Consulting overseeing their bankruptcy as trustee.

The listed creditors for the two men include banks, credit card debts, the tax office and even auto lubricant maker Valvoline, owed $153,297.21 under personal guarantees.

The documents and property records show John and Judy Crowley have rented a property in Clontarf, north of Brisbane, and sold their home in Raby Bay, east of Brisbane, for $1.8 million in March, having paid $2.8 million in February 2008. Brendon Crowley is listed as living at an address in Thornlands, east of Brisbane, which he does not own.

John Crowley also owned an apartment on Whitsunday’s tourist spot Hamilton Island, which he estimated could be sold for $800,000. Brendon also wrote he was director of a trustee for a trust that owned a commercial property used by Bryan Byrt. He estimated its resale value as $11 million – it sold days later for $9.14 million, according to property records.

They appear to have few assets other than superannuation.

Attempts to obtain comments from the Crowleys were unsuccessful. ASIC, ANZ and NAB declined to comment."
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[suttoo]

Feel sorry for John, he built up the business and retired comfortably a long time ago only to now lose it all

[Smoke Pursuit]

Hmm... The poor old staff and creditors get done again!!!!!

[mik]

Originally Posted by Smoke Pursuit

Hmm... The poor old staff and creditors get done again!!!!!

True, usually the tax man gets first dibs and then everybody left owed gets what's left of anything.

[cheap]

I'm not suggesting anything illegal, but they'd probably have a trust set up to protect the family from the creditors... Alan Bond declared bankruptcy but still managed to live in expensive houses, have trips overseas and suffer the duress of the spoils of wealth.

[suttoo]

Originally Posted by cheap

I'm not suggesting anything illegal, but they'd probably have a trust set up to protect the family from the creditors... Alan Bond declared bankruptcy but still managed to live in expensive houses, have trips overseas and suffer the duress of the spoils of wealth.

pretty sure John has ended up with nothing.

[blueoval]

Originally Posted by suttoo

pretty sure John has ended up with nothing.

In his name yes. But if it's a trust, believe me, he won't be left destitute.

[Smoke Pursuit]

Originally Posted by mik

True, usually the tax man gets first dibs and then everybody left owed gets what's left of anything.

No the receivers and the banks get first dibs. The ATO usually misses out.

[LG17]

They're not the first and won't be the last either...

[b0son]

Originally Posted by cheap

I'm not suggesting anything illegal

You mean other than trading insolvent?

You don't rack up that amount of debt in 30 days.

[Pedro]

Originally Posted by Smoke Pursuit

No the receivers and the banks get first dibs. The ATO usually misses out.

With the emphasis on the receivers. The exorbitant fees charged by receivers are nothing short of legal extortion. They are like jackals stripping a carcass to the bone.

[dirty hands]

another victim of austrailas economy and other things

Bryan Byrt were allowed to trade a long time before receivers were brought in


I thought a loophole still exists
normally money/property is put into children or wife's ,relatives
names ahead of time -that cant be touched by bankruptcy laws

[Angeldust]

The Bryant byrt Ford dealership in Capalaba closed pretty much when Ford announced they pulled the pin on AUS manufacturing....


On a side Note, nice seeing the property values going down in raby bay
That is a massive loss.

[Spammy]

Originally Posted by dirty hands

another victim of austrailas economy and other things

Victim of the economy?? Carsales will record another record year (again) in 2015.