21/11/2012 - 05:27

Bankruptcy for Bacich

21/11/2012 - 05:27

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FORMER Peppermint Grove deputy shire president and local property developer Peter Bacich has been declared bankrupt in the wake of a number of his companies going into liquidation.*

Documents in the Federal Magistrates Court reveal Mr Bacich, 65, was served with a creditors notice by the National Australia Bank in July and that a sequestration order was made against his estate last week.

The origin of the debt owed by Mr Bacich to NAB is unclear.

RSM Bird Cameron director Neil Cribb, who was appointed liquidator of Olympic Property last year, advised that NAB was not a secured creditor to Olympic Holdings, Olympic Property or Whiteman Estate, of which Mr Bacich is a director and all of which are being managed in liquidation by representatives of RSM Bird Cameron.

Another Bacich company, 88 Mill Point, is being wound up by Taylor Woodings partner Ian Francis.

A liquidators report into Olympic Holdings lodged with the Australian Securities and Investments Commission in March outlined nearly $5 million in inter-company loans from other now-insolvent companies managed by Mr Bacich.

A number of complaints were made against Olympic last year after it failed to provide fencing, landscaping and white goods packages to properties it was developing in Gosnells, something Mr Bacich blamed on the effect of the GFC.

*Editor's note: Peter Barry Bacich was discharged from bankruptcy on November 27 2015.

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