smartcompany.com.au has reported that tyre king Bob Jane declares bankruptcy with just $15 in the bank!
Renowned tyre and automotive entrepreneur Bob Jane has declared bankruptcy following a long-running legal dispute with friend and Rich Lister Harold Mitchell.
Mitchell, who is a media buyer and philanthropist, pursued Jane for hundreds of thousands of dollars in unpaid loans back in 2014.
The tyre king declared bankruptcy on July 8, 2016, according to Fairfax, after Mitchell filed a petition for bankruptcy in April.
Mitchell has reportedly since transferred the debt assigned to him to another of Jane’s creditors, saying he and Jane have “resolved our differences”.
However, the founder of Bob Jane T-Marts is still being pursued by the tax office for $105 million, despite claiming he has just $15 to his name, according to The Herald Sun.
Bob Jane was once estimated to be worth more than $100 million.
SmartCompany contacted the insolvency firm acting as Bob Jane’s trustee, SV Partners, for comment but did not receive a response prior to publication.
SmartCompany was unable to contact Jane prior to publication.