Wednesday 4 March 2009

The other Mr Billabong falls on tough times





Brisbane's Courier Mail reports:


Former chief executive of Billabong, Matthew Perrin, who made hundreds of millions of dollars from the Aussie surfwear group, is broke.

Perrin today filed a debtor’s petition with the Insolvency Trustee Service of Australia and placed all his corporate entities under external administration.

Mr Graham Starkey of PA Lucas & Co has been appointed as Mr Perrin’s trustee in bankruptcy.

Once a Gold Coast lawyer, Perrin rode the crest of the Billabong wave, selling his shares and making several hundred of millions as a result.

His slide into bankruptcy was caused by his investments in a property and supermarket group located in Xian and Hunan provinces in China.

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