The head of the failed Elderslie Finance Corporation Peter George has filed for personal bankruptcy, owing A$10m – A$273,000 of that to Clayton Utz.
George bought Elderslie in 1994 for A$3m and raised A$140m from investors. He lent that money to companies he controlled, all of which have now collapsed. George is believed to owe Clayton Utz the money in relation to previous legal battles.
In October, cash-strapped biotech company Dia-B Tech refused to pay Minter Ellison the A$150,000 in fees the law firm expected to receive from a cancelled capital raising.
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