Hey guys, first post here but have been glued reading your posts and updates for weeks now. Great site.
The latest court hearing has made me wonder about something that has crossed my mind before.
When looking at the list of debts for GBC the thing that struck me is that none of them were loans from banks, building societies or other financial institutions. I would think that these would be the most common source of loan for an adult man. Unless we have no knowledge of bank loans at this point, I wonder why all the loans have come from friends, family, colleagues etc?
Someone else pointed out that GBC and ABC rented their home for the last six years and that they lease rather than own their cars. I agree that that is 'unusual' behaviour for a man who seems so image driven.
My theory is that it is possible somewhere down the track (and I'm thinking around 6-7 years ago but possibly more recently) GBC filed for bankruptcy. In Au a person is listed as bankrupt for 3 years but it remains on their financial file for 7 years. In a bankruptcy most likely he would have had to sell any house 'owned' and any car over the current 'allowable' value (which I believe may be $6000 give or take). This would explain the lack of home ownership, why cars are leased (although I know a lot of business owners do choose this option) and more importantly why there are a LOT of loans from various people but NONE seen from formal financial institutions.
It would also possibly explain why a forensic accountant has a LOT of work to do...
Purely JMO...
