Slater: “Bankruptcy is just a joke…pretty much meaningless”

A few years ago Cameron Slater posted on Whale Oil “Bankruptcy is like a toothless tiger that benefits the bankrupt more than the victims” and claimed “the process of being in bankruptcy pretty much meaningless”.

He even suggested how easy it was to continue to operate companies and hide assets and that it wasn’t common to be prosecuted for it.

Bankruptcy is just a joke, really

by Cameron Slater on May 6, 2014 at 1:00pm

Bankruptcy is like a toothless tiger that benefits the bankrupt more than the victims

The number of times bankrupts hide assets and continue to operate companies by using a puppet on the paperwork is so frequent as to make the process of being in bankruptcy pretty much meaningless.

Use of trusts, partners or girlfriends to “own” things and plain hiding of assets from the Official Assignee are very common.

What isn’t common is for bankrupts to be prosecuted for this behaviour.

He probably didn’t think he would end up being bankrupt, but now he is, and appears to have rearranged companies and assets, he may be hoping that Official Assignees really are easy to hide things from, and are unlikely to hold miscreants to account.

See (Stuff):  Whale Oil company previously owned by Cameron Slater goes into liquidation

And: Whale Oil company put into liquidation after rearrangements

 

4 Comments

  1. High Flying Duck

     /  28th March 2019

    Why is the word ‘Bankruptcy’ in the headline? It seems redundant.

    • Kitty Catkin

       /  28th March 2019

      Oh, the wit !!! 😀

      But in this case, the laugh will be on him.

  2. Ain’t karma a bitch?

  3. Tipene

     /  28th March 2019

    I had someone try to hide in bankruptcy once, thinking that he would be out after 3 years, free to go on their merry way.

    Via the Official Assignee, I helped to initiate what is known as a High Court Public Review.

    That was in 2014, after the person concerned had been in bankruptcy (for the third time) since 2010.

    The High Court placed them in indefinite bankruptcy, where they remain until this day.

    Slater has such a public profile it will be in the Official Assignee’s interest to follow up any and all concerns made known to the Insolvency Office, which they are statutorily required to do.

    So, if you know something about Slater, report it to the Official Assignee, anonymously if you want to – but report it.