An embattled developer and fraudster avoided plummeting into bankruptcy after claiming he only had $200 in his bank account and couldn’t repay the $17 million he owed to former friends and associates.
Despite his cries of crippling financial stress, Lemuel Page, 48, is still spotted driving around the NSW Hunter region in a luxury Mercedes 4WD and Porsche convertible, both worth hundreds of thousands of dollars.
That is when the property developer isn’t posted up in an apartment overlooking Newcastle beach.
Bankruptcy reports obtained by Fairfax Media detail the version of events Page pitched to creditors before he managed to settle a multimillion-dollar debt by offer…
Read the full article at: http://www.smh.com.au/nsw/embattled-property-developer-dodges-17m-bankruptcy-with-180000-deal-20170720-gxf83p.html
