 | A major contributor to this article appears to have a close connection with its subject.(March 2019) |
Craig Gore is an entrepreneur and bankrupt from Sydney, Australia.
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Craig Gore Businessman | |
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 At marina | |
| A major contributor to this article appears to have a close connection with its subject.(March 2019) |
Craig Gore is an entrepreneur and bankrupt from Sydney, Australia.
Craig Gore Businessman | |
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| At marina | |
Craig Kirrin Gore was born in Fairfield, New South Wales on 7 January 1967. He is the son of Sanctuary Cove Developer Mike Gore. Gore spent his early life in the western suburbs of Sydney and attended Westfields Sports High School until moving to Queensland to live with his father, later attending The Southport School on Queensland's Gold Coast. After completing his year ten certificate, Gore left school and began working for one his father's business, Cheoy Lee boats, which his father was importing from Hong Kong during the 1980s. After leaving his father's employ Gore established an advertising agency called Take one Creative alternative, with his then partner and long time friend Ross Clarkson. In the late 1990s after his first bankruptcy, Gore managed a number of advertising accounts for a small advertising agency on the central coast of New South Wales. As a result, Gore was contracted to help establish the Arnold's Ribs and Pizza Franchise nationally. This resulted in Gore owning and operating several stores himself on the central Coast, in Woy Woy, Gorokan and Toukley. It was in late 1996 Gore meet partner, Sydney accountant John Atkinson, and established a home loan company called Right Home Loans. After a successful beginning this business later became known as Wright Patton Shakespeare Financial Services Group. Known as WPS, the business grew into one of Australia's largest independent financial Services companies, with more than 400 employees and licence holders Australia wide. WPS established offices in Sydney, Melbourne, Brisbane, Adelaide and Perth. Gore, as one of the founders and former owner of the Australian Financial Planning chain "WPS", sold his interest in WPS to British Author Lord Michael Ashcroft for $160M AUD. The later was introduced to Gore via his then Chairman The Hon Shane Stone, who served as Chairman of WPSFSG for two years before Gore merged his companies with an Ashcroft Entity creating a new company with a focus on purchasing marina developments. This was called International Marina Development and Management Pty Ltd. Stone the served as chairman of the merged group. This company made a number of aggressive acquisitions in a slowing economy, these included Hope Harbour Marina, The Townsville Ocean Terminal and Breakwater Marina in Townsville. The sale of WPSFG and other assets to Ashcroft entities was later to become central to a dispute between Gore and Ashcroft and the focus of the Insolvency trustees report to creditors, which claimed, Mayfair Ltd Uk, a company owned and controlled by Ashcroft, owed Gore more than 100M AUD. Gore was also the co-founder of property development company Atkinson Gore Group,. Atkinson Gore group developed predominantly residential properties on the east coast of Australia, in New South Wales, Victoria and Queensland, including the Hope Island Canal adjacent to his late father's Sanctuary Cove development. Gore was instrumental in establishing the masterplan for the Hope Island Canal development,a development that now houses more than 15000 residents. Gore also developed high rise apartment buildings on The Gold Coast, In Sydney and Melbourne CBD. Gore also established Big State Earth Moving a company that completed the earth works to the Hope Island Canal, as well as contracting to large developers to complete civil and residential development sites. Gore planned to develop the Hope Island site into Australia first Adult Community [1] However Gore later sold part of this site to Australand Ltd for A$90m in 2003. [2] Gore also founded a wine exporting company called "Aussie Vineyards", [3] which at the time was Queensland Largest exporter of wine. He was ranked sixth on the Business Review Weekly young rich list in 2006 with an estimated wealth of A$160 million. [4] The following year he appeared 199th in the BRW Rich 200 list with an estimated wealth of A$183 million. [5] He has sponsored and owned V8 Supercars and IndyCar and Champ Car racing teams such as Team Australia racing. [6] [7] As a result, Gore played a part in the careers of two of Australia's most successful Motorsport exports Marcos Ambrose (NASCAR) and Will Power (INDYCAR). In 2004 Gore, at the request of the Queensland Government, invested in Australian driver David Besnard, who drove in the INDY 300 classic on the Gold Coast drawing one of the biggest one day crowds to a motorsport event in Australian history. [8] Crag Gore has business interest in Australia, the United States and Europe, mostly in the property development sector.
Gore was Bankrupted in 1992 after the failure of his advertising agency and the failure of his father's business. Gore's bankruptcy was later annulled after a meeting of creditors was called by the public trustee. In 2008, Secured Capital & Finance, a firm jointly owned by Gore and John Atkinson froze redemptions to its clients. [9] The appointed liquidator CRSWarnerKugel found that Wright Patton Shakespeare, a financial advice firm then owned by the duo, had recommended that their clients invest in SC&F. [9] The liquidator went on to describe the arrangement to "something akin to a Ponzi scheme", something denied by Gore. [9] The liquidators investigations suggested that between 2001 and 2004, Secured Capital & Finance used investors' money to make interest payments to other investors, forward money to other companies with the Atkinson Gore Group owned by Gore and Atkinson. [9] none of the liquidators claims were tested in a court nor was any public examination undertaken to test the veracity of the liquidators claims.
Wright Patton Shakespeare, which had been subsequently acquired by British Author Lord Michael Ashcroft, after negotiations with Gore, to settle claims by investors, offered to pay investors 10¢ in the dollar and take over their debts, before paying out 60¢ in the dollar over four years. [9]
Gore's creditors accepted an offer which provided for a payment of 3 million dollars, over three years, and 30% of all profits from a Gore-controlled trust on 18 November 2010. [10] [11] [12] His creditors decided to terminate the PIA on 24 February 2012. [13] [14] after the appointment of CRS Krugel were appointed as trustee to Gore Bankruptcy, which Gore contested was a direct conflict of interest as CRSWarnerKrugel had previously made unfounded claims against Gore and business partner Atkinson. Gore declared himself bankrupt and the Public Trustee ITSA consented to on act as official trustee 18 April 2012. [15] [16] Creditors concerned about the contents of the official trustees' report, voted to terminate the official trustees appointment and voted in Gregory Moloney of Ferrier Hodgson on 19 September 2012. Gore was released from bankruptcy in April 2015, after concluding no evidence existed to properly extend Gore's bankruptcy. Craig Gore has been associated with a number of large scale property developments since he release. On 27 October 2020, following an earlier five-day judge-alone trial at the Brisbane District Court, Mr Craig Kirrin Gore was found guilty of six counts of fraud. [17]
Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.
In accounting, insolvency is the state of being unable to pay the debts, by a person or company (debtor), at maturity; those in a state of insolvency are said to be insolvent. There are two forms: cash-flow insolvency and balance-sheet insolvency.
A trustee in bankruptcy is an entity, often an individual, in charge of administering a bankruptcy estate.
An officer of the Insolvency Service of the United Kingdom, an official receiver (OR) is an officer of the court to which they are attached. The OR is answerable to the courts for carrying out the courts' orders and for fulfilling their duties under law. They also act on directions, instructions and guidance from the service's Inspector General or, less often, from the Secretary of State for Business, Energy and Industrial Strategy.
The Bankruptcy and Insolvency Act is one of the statutes that regulates the law on bankruptcy and insolvency in Canada. It governs bankruptcies, consumer and commercial proposals, and receiverships in Canada.
An unfair preference is a legal term arising in bankruptcy law where a person or company transfers assets or pays a debt to a creditor shortly before going into bankruptcy, that payment or transfer can be set aside on the application of the liquidator or trustee in bankruptcy as an unfair preference or simply a preference.
An undervalue transaction is a transaction entered into by a company who subsequently goes into bankruptcy which the court orders be set aside, usually upon the application of a liquidator for the benefit of the debtor's creditors. This can occur where the transaction was seriously disadvantageous to the company and the company was insolvent or in immediate risk of becoming insolvent.
WPS Racing was an Australian motor racing team that competed in Australian V8 Supercar racing between 2004 and 2007. It was owned by Queensland businessman Craig Gore and sponsored by his Wright Patton Shakespeare company.
As a legal concept, administration is a procedure under the insolvency laws of a number of common law jurisdictions, similar to bankruptcy in the United States. It functions as a rescue mechanism for insolvent entities and allows them to carry on running their business. The process – in the United Kingdom colloquially called being "under administration" – is an alternative to liquidation or may be a precursor to it. Administration is commenced by an administration order.
Sanctuary Cove is a gated community and town in the suburb of Hope Island in the City of Gold Coast, Queensland, Australia. It is completely self-contained residential environment with its own shopping centre and entertainment facilities, with the addition of many of the facilities of a holiday resort, such as boating marinas and golf courses.
United Kingdom insolvency law regulates companies in the United Kingdom which are unable to repay their debts. While UK bankruptcy law concerns the rules for natural persons, the term insolvency is generally used for companies formed under the Companies Act 2006. Insolvency means being unable to pay debts. Since the Cork Report of 1982, the modern policy of UK insolvency law has been to attempt to rescue a company that is in difficulty, to minimise losses and fairly distribute the burdens between the community, employees, creditors and other stakeholders that result from enterprise failure. If a company cannot be saved it is liquidated, meaning that the assets are sold off to repay creditors according to their priority. The main sources of law include the Insolvency Act 1986, the Insolvency Rules 1986, the Company Directors Disqualification Act 1986, the Employment Rights Act 1996 Part XII, the EU Insolvency Regulation, and case law. Numerous other Acts, statutory instruments and cases relating to labour, banking, property and conflicts of laws also shape the subject.
Firepower International was a fraudulent company that advertised as a Hong Kong-based company owned and operated by Global Fuel Technologies Ltd, specializing in technology purporting to reduce the fuel consumption and environmental impact of petrol-operated vehicles. There were other offices in Sydney, China, Rhodes, Athens and Papua New Guinea, according to the now-defunct official company website. However, "in reality it was a handful of people in an industrial estate in Perth", who were conducting a complex of fraudulent operations. The original entity—Firepower Operations Pty Ltd—was a A$1 company, first registered in December 2004, owned by Firepower Holdings Group Ltd, a company with an address in the British Virgin Islands.
Nathan Tinkler is an Australian mining industry executive and was previously the principal shareholder of Aston Resources and Whitehaven Coal. He started out as a mining apprentice in the Hunter Valley, in New South Wales and set up his own business at age 26. Much of his wealth was acquired from investments in the mining industry.
The Insolvency & Public Trustee's Office (IPTO) in Singapore is a department under the Ministry of Law. IPTO oversees the administration of individual and corporate insolvencies, the administration of small intestate estates and un-nominated Central Provident Fund (CPF) monies, as well as the licensing and regulation of moneylenders and pawnbrokers.
Insolvency law of Russia mainly includes Federal Law No. 127-FZ "On Insolvency (Bankruptcy)" and Federal Law No. 40-FZ "On Insolvency (Bankruptcy) of Credit Institutions".
British Virgin Islands bankruptcy law is principally codified in the Insolvency Act, 2003, and to a lesser degree in the Insolvency Rules, 2005. Most of the emphasis of bankruptcy law in the British Virgin Islands relates to corporate insolvency rather than personal bankruptcy. As an offshore financial centre, the British Virgin Islands has many times more resident companies than citizens, and accordingly the courts spend more time dealing with corporate insolvency and reorganisation.
Cayman Islands bankruptcy law is principally codified in five statutes and statutory instruments:
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Australian insolvency law regulates the position of companies which are in financial distress and are unable to pay or provide for all of their debts or other obligations, and matters ancillary to and arising from financial distress. The law in this area is principally governed by the Corporations Act 2001. Under Australian law, the term insolvency is usually used with reference to companies, and bankruptcy is used in relation to individuals. Insolvency law in Australia tries to seek an equitable balance between the competing interests of debtors, creditors and the wider community when debtors are unable to meet their financial obligations. The aim of the legislative provisions is to provide:
Phillip Kingston is a British-Australian entrepreneur and engineer. He founded Sargon and GrowthOps.