One year ago, former Billabong chief and entrepreneur Matthew Perrin was valued at $150 million. All he has left is a $30,000 in cash, a $200 watch, $3000 worth of clothes, a Mercedes he can’t drive, and a list of creditors a mile long.
The extent of Perrin’s fall from grace has been revealed in bankruptcy documents lodged early this week which list his assets and liabilities.
Perrin owes around $28 million to about 20 unsecured creditors, including his wife Nicole, who is owed $4.532 million, and a slew of big bookmakers, who are owed a combined $1.62 million.
Perrin is a horse racing enthusiast who has raced more than 60 horses, mostly in partnership with his brother Scott Perrin.
Bookmaker Con Kafataris, who is owed $800,000, told The Australian he is “waiting to see the facts as presented when the first creditors’ meeting is called” on 12 March.
Other bookmakers owed money include Frank Hudson ($300,000), Alan Eskander ($160,000), Mark Read ($150,000) and Matthew Tripp ($140,000).
Perrin also owes $82,000 on credit cards.
Perrin’s major asset is a $4.3 million apartment at Mermaid Beach on the Gold Coast, although there is a $13.5 million mortgage with Commonwealth Bank hanging over the property.
Perrin doesn’t have much more to speak off. His list of assets includes a $130,000 Mercedes CL500 model that is reportedly at a nearby Mercedes dealership, a $100 laptop, a $200 watch and $3000 worth of clothes.
Other assets include $30,000 in cash, $16,600 in superannuation and $1400 worth of Mercedes shares.
Perrin was forced to declare bankruptcy after an investment in a Chinese supermarket chain struck trouble.
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James was the editor and publisher of SmartCompany and LeadingCompany for five years. He is now the Australian Financial Review‘s companies & markets editor, and a former BRW editor.
