Tuesday, June 30, 2020

I is FURIOUS

Restaurateur George Colombaris' restaurants went broke after he was convicted of underpaying staff, being made to repay the money and fined $200,000. But as his company (companies?) has no money, the government, that is we taxpayers, have had to stump up one million dollars to pay out staff entitlements. 

Meanwhile Colombaris lives in a house worth nearly five million dollars and has a property portfolio worth around seven million dollars. Of course his home is in the name of company owned by his wife.

While I wouldn't want it for small business people who have a try at business and fail, for these high flyers, bring back debtors prisons I say.

Crooks, thieves, liars and charlatans. We are surrounded by them.

What scum.

16 comments:

  1. I am in complete agreement with you. Conservatively speaking about 100000 per cent.
    And hope that neither you nor any of your family will be affected by the Victorian lockdowns.

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  2. Nah.... wealthy business men have always immediately declared themselves bankrupt and had all their debts wiped out by the courts. Look at how many times (3? 4?) Thump was declared bankrupt and came back mega rich each time.

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  3. I am moderating a training later this summer on piercing the corporate veil, a theory to reach those "personal" assets by proving that the acts were intentional. The law can be changed to make those assets reachable. If the law makers are willing.

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  4. Agreed. It definitely notches up the blood pressure doesn't it?

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  5. Agree with you, it's not just right or fair but that's how they do it, have all their things in their wife's name or children's name or a family member - that's how they get away with it. Then they can open up another business in someone else's name etc.

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  6. No shame either apparently. The public thief.

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  7. I heard that on the news today and wasn't pleased either! Why should the taxpayer for that?

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  8. I have handled such bankruptcies in the past and they are a complete and utter scam. The rich get away with everything unless they have neglected to pay some skim to some corrupt whatever, or stepped on someone's toes and even then (see Jeffrey Epstein) they'll be offed in prison before they show the photos.

    XO
    WWW

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  9. He is a conniving thief. Too bad.

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  10. You are right to be angry. No doubt he has already started up another business.

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  11. Why is the government on the hook for his business wage expense? That sounds unusual to me. I'd be furious too.

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    1. Jenny, just to protect the workers up to a degree so they don't lose out to much in such circumstances.

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  12. Ooh, it's really unfortunate that it could happen like that.
    I know George Colombaris is one of the famous Chefs and judges for the Master Chef Australia event.

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  13. I am equally furious. In times past, the bank would have seized some of his property and sold it to cover the losses etc. Why can't they do that now? Or why doesn't he just sell some of the seven million property portfolio and pay up like a good boy? Ordinary people like you and me wouldn't be allowed to get away with such shenanigans.

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  14. Welcome to how things work on a regular basis here in the USA! It sucks! Jack worked for Pan Am World Air Ways and when they went bankrupt they took his retirement with them! Our esteemed government sends him $350.00 per month compensation! That is all. After his 25 plus years! At least he flew for Delta, and managed to accrue a decent retirement with them. Of course, they only pay that until his death and no benefits for the widow, despite being married over 30 years. That's because Delta also went into Chapter 11 bankruptcy and redefined their retirement plan.

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  15. Seems like there should be a ceiling on the value of assets an individual can keep when they declare bankruptcy. Like, you can keep a house, but not THAT opulent of a house. Similarly infuriating things happen in the USA with bankruptcy cases, though. (And why can't the courts see through putting the assets in the name of a company owned by his wife? That's ridiculous.)

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