email@example.com @AnthonyMarxCM bit of consulting for infrastructure projects around Australia and overseas.
Last year, he took on the chairman’s role with Mercy Ships Australia, a global charity that dispatches hospital ships to developing nations.
UNDER the best-case scenario, creditors of failed Brisbane hospitality identity
will claw back just 5¢ in the dollar.
That grim assessment emerged
this week in the first detailed report produced by his bankruptcy trustee, Worrells operative who Griffiths appointed last month as his bank accounts dwindled to less than $2000.
The Doughnut Time entrepreneur estimated his debts at $3.86 million, including a $1 million penalty from the tax man.
But Khatri’s report shows the debts will most likely end up between $5.12 million and $6.88 million – and could go even higher as a result of the number of personal guarantees provided by
who has gone to ground in his hometown of Dalby.
Khatri’s best opportunity to recover money lies in Paris, where Griffiths owns two heavily-mortgaged apartments together worth about $1.4 million.
The reports reveals that Khatri might be able to recover $508,000 (minus legal and selling costs) from the sale of the properties.
But that depends on whether he can void a $1 million third mortgage registered over both properties by Griffiths’ father in January, just eight weeks before Khatri’s appointment.
“I will likely require legal advice in respect of the validity of the mortgage,’’ the report says.
“I queried Mr Griffiths on the nature, timing and details of the loaned monies….Mr Griffiths indicated that the funds advanced to him were over a period between April 2003 and May 2017 and were utilised for a combination of living and businessrelated expenses.’’
Griffiths, whose empire included Les Bubbles bistro, Limes Hotel, Alfred & Constance bar and Chester Street Bakery, did not respond to a request for comment yesterday.
Meanwhile, NABappointed receivers and their CBRE agents will start sifting through offers for the Limes Hotel and Alfred & Constance bar once an expressions of interest campaign closes today.
AN item in yesterday’s column said had been banned from acting as a solicitor for five years after losing an appeal. In fact, he was struck off indefinitely.