“Happy to lose $350k and let the boat go to scrap”, says the email from liquidator Hall Chadwick’s associates to Kimberley Pearl Tours.
What’s the scam? The scam is Section 420A of the Corporations Act says: “In exercising a power of sale in respect of property of a corporation, a controller must take all reasonable care to sell the property for … market value – not less than that market value”.
Why would any liquidator or receiver, in this case Hall Chadwick’s Richard Albarran, want to scrap a boat which brings in income of $3-5m a year?
Must be security over other assets like people’s houses of something. Wonder who did the finance? Wonders never cease.
Private lenders, brokers and liquidators. It’s a murky world.