Former property marketing tsar Chris Bilborough has been declared bankrupt after a tussle with the Australian Taxation Office.
Mr Bilborough, 41, was a key figure in the Gold Coast property industry in the late 1990s – but had run-ins with regulators and politicians.
He has recently been linked to a property deal involving a company of former Australian Test cricketer Craig McDermott.
He said he had been hit with a $1.2 million bill from an initial $350,000 tax assessment.
He said he offered a $500,000 compromise. "They rejected it," he said.
A federal court in May ruled against attempts to seek a review of the ATO's rejection of the compromise for a bill stemming from a 1997 tax assessment.
In August, the ATO rejected the compromise for reasons including a lack of information to support his claims of an inability to fully repay tax debts.
Mr Bilborough was a director of companies, including National Asset Planning Corporation and Markfair (trading as Investlend Australia), which were involved in property sales to interstate investors. Markfair offered financial advice.
He was named in Parliament several times since 1998, on one occasion accused of being behind "scams".
Fair Trading Minister Margaret Keech said last December her office had recovered $240,000 from Mr Bilborough.
Mr Bilborough yesterday pointed out one of his critics – former fair trading minister Merri Rose – had been jailed over blackmail but he would not answer queries about other politicians' comments.
He has fought some actions by regulators. He previously said he was "cleared of selling any overpriced properties" in a federal case.
In 2005, The Courier-Mail revealed his involvement in a firm promoting a planned Warwick estate.
The Courier-Mail on Saturday reported Markfair was named in a 2004 court action over the sale of a property from McDermott Projects (Nut Tree Grove) Pty Ltd, in which Mr McDermott was a director.
The documents contained allegations from the buyers' lawyers of unconscionable conduct, and that Markfair and/or marketeers Asset Management Group were agents and/or joint venture partners for McDermott Projects.
Mr McDermott said he was unaware of the case, or any link with Markfair or Asset Management Group. No defence was filed and the action was abandoned.
Source: Courier Mail
