PROMINENT Perth biotech entrepreneur William Ardrey is being pursued over unpaid debts on a Brisbane unit and faces the threat of bankruptcy.
Dr Ardrey - formerly a leading name in Western Australia’s biotechnology sector - is before the courts facing 19 counts of gaining benefit through fraud.
The charges relate to his tenure with Perth-based company Phoenix Eagle. It is alleged he used his position to pocket $400,000 in fees he claimed had been paid to consultants.
Brisbane-based debt collection agency, Australian Corporate Collections, is seeking to serve Dr Ardrey with a creditor’s petition for unpaid debts on a unit in the riverside Brisbane suburb of Bulimba.
Dr Ardrey, who is on bail and has not yet entered a plea, was living in Queensland before being extradited to WA earlier this year on the fraud charges.
The petition, being served on behalf of the body corporate overseeing the units, claims Dr Ardrey owes a debt of $12,926.
The collections agency told WA Business News there were tenants in the unit but ownership was still under Dr Ardrey’s name. It was also intending to serve Dr Ardrey with a bankruptcy notice.
Dr Ardrey was well known in the biotechnology field when he was employed by the Phoenix Eagle board in 2005. He had gained a public profile through roles with listed company Regenera, which specialised in intellectual property and licensing rights for eye disease treatments.
He also held board positions with laser technology company Custom Vis, Advanced Ocular Systems, Acuvax and Avantogen Oncology.
Dr Ardrey was tasked with developing a licensing package for Phoenix Eagle’s ulcer treatments. He employed consultants to provide him with advice.
He resigned from the company when the board of directors became concerned about bookkeeping irregularities and police began investigations.
Police have alleged $400,000 paid into the consultants’ American bank accounts was later transferred into Dr Ardrey’s account.
The case is continuing in the District Court, with Dr Ardrey’s next appearance set down for February.
It is expected he will be prompted to enter a plea and a trial date set.
