Walker pain game

Financial nightmare for ex Titans star

FORMER rugby league larrikin Chris Walker is in the financial sin bin and facing the possibility of asset transfers being redcarded.

Trustees are investigating whether property interests transferred to wife Courtney by Mr Walker prior to him being declared bankrupt were undervalued.

The properties are at Palm Beach and Currumbin Waters and Mr Walker’s interest in them was transferred into his wife’s name in the 14 months before the Federal Court declared the former Titans and Brisbane Broncos winger bankrupt in September.

Mr Walker yesterday said that he and his family had been through a terrible 12 to 18 months.

“I’ve been fighting tooth and nail to keep the family house and food on the table,” he said.

He said he had been working in the gas industry for the likes of Rio Tinto and Origin Energy and “came back into town” to work with developers.

“I obviously didn’t set out to hurt myself or my business, but was caught in the downturn in the gas and mining industries.

“We weren’t being paid by property developers and construction companies.

“Big companies have a back room full of solicitors who are paid for one reason – to screw down little guys like us, and even much bigger guys.”

Trustee Jason Bettles, of Worrells, yesterday said that certain transactions could be voidable if they occurred within the five years before bankruptcy.

“We are obliged under law to see whether property transfers are made at less than value,” he said.

Mr Walker was bankrupted with debts of $1.79 million, including $182,157 to the Australian Taxation Office.

Mr Bettles said the bankruptcy was attributed to personal guarantees Mr Walker gave as a director of Walker Brothers Earthworks, which was put into liquidation last year.

He said the bankrupt received $181,634 from asset transfers and sales in the 14 months prior to his bankruptcy and used the money for living expenses.

Mr Walker’s interest in a Palm Beach house, which carried a $368,000 mortgage, was transferred to his wife for $125,929 in July 2016. Two months earlier it was on the market at $660,000 after being appraised as worth $600,000.

Mr Bettles said the bankrupt’s interest in the Currumbin Waters house, on which there was an $822,000 mortgage, was transferred to Mrs Walker for $40,000. He said a valuation of $900,000 had been obtained on the property by the Walkers before the transfer.

“We are in the process of assessing the market value of the properties at the time of the transfers.”

Chris Walker played for six NRL clubs during his career and represented Queensland in six State of Origin games.