The founder of collapsed financial services company Elderslie Finance, Peter George, has filed for personal bankruptcy with debts of $10 million.
According to a report in The Australian, George has eight creditors, including law firm Clayton Utz, accountants MGI Melbourne and Nigel Purves, an entrepreneur who was touted as a potential buyer of Elderslie.
Elderslie Finance collapsed in July 2008 with debts of $400 million. Former Liberal leader John Hewson was chairman of the company until one month before Perpetual Trustees launched legal action against Elderslie, leading to its collapse.
George, who acquired Elderslie in 1994 for around $3 million, received $97 million in loans from Elderslie between June 2007 and its collapse.