James Hickmann, founder of South Australian-based LED lighting and technology company Vailo, has been declared bankrupt by the Federal Circuit Court in Adelaide after failing to repay a $600,000 loan.
The decision automatically disqualifies Hickmann from managing corporations or holding positions such as director of more than 50 of his companies, including Vailo.
As reported by Adelaide’s The Advertiser, the development follows Marlbury Capital Lending Services Pty Ltd having pursued a sequestration action against the 36-year-old over a claim that he had not repaid a $596,424.20 loan.
The Australian Taxation Office (ATO) had recently joined the legal action as a “supporting creditor” over alleged unpaid taxes.
The…