A recent judgment of the Supreme Court of Victoria might see amiable dVT Group partner Riad Tayeh forced to take decisive action, which could ultimately include declaring bankruptcy.
The reasons for such a potential and at this stage hypothetical course lie in the findings of Victorian Supreme Court Judge Peter Riordan, who on February 5 ruled that Tayeh and dVT founder Antony De Vries are personally liable to pay principal and interest on $1,226.648.54c they borrowed in 2006 and 2007 to fund their entry into the myriad and ill-fated managed investment schemes offered by Timbercorp.
iNO readers may recall that after investing more than $2 billion in myriad agricultural projects Timbercorp was tipped into administration in April 2009, with Mark Korda and Craig Shepard of KordaMentha subsequently appointed liquidators to the group two months later.
Whilst the liquidators have developed a very broad recovery process that involves mediation and even hardship pathways, it would seem that their efforts have fallen on barren ground in respect of Tayeh and De Vries, who may now be on the hook for a sum swelled by interest of up to 13.20 per cent per annum.
iNO is no arithmetician but given the loans were granted 15 years ago we know Korda and Shepard will be chasing the dVT pair for many millions.
We wonder what De Vries and Tayeh have done with the proceeds from the sale of the office building they owned in Parramatta, which has since been demolished to make way for a new development in Sydney’s geographical centre?
Neither of the dVT pair responded to iNO’s requests for comment but in his reasons Justice Riordan confirmed that he entered judgment “for Timbercorp Finance in respect of each of the loan agreements …. and I will hear the parties on the questions of the principal sums outstanding, interest and costs.”
It’s been well known in Sydney insolvency circles for some time that De Vries is intending to let his liquidator’s and trustee’s registrations lapse.
Tayeh however insists he’s not retiring so his options would seem to be restricted to overturning Justice Riordan’s judgment on appeal. You can read the judgment at: Timbercorp Finance Pty Ltd (in liq) v Antony De Vries and Riad Tayeh [2021] VSC 37
Support INO’s continued chronicling of the insolvency sector.
Be the first to comment on "dVT duo cop whopper Timbercorp debt"