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