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Years ago

West Adelaide Bearcats Mens Youth League Trials

Looks like Tim Johnson's house of cards is coming down at a rate of knots.

This article gives a great update on where things are up to in the liquidation process.

Key points:
- liquidators will be seeking arrest warrents for Mr Johnson

- Kings have been trading while insolvent for 2 years

- Johnson also being pursued by Firepower business partner over $20 million in loads made over the last 18 months

- creditors, including Kings players, owed $250k

- tax office owed $580k

- insurance premiums remain unpaid from last year meaning the Kings played the whole of last season uninsured

- Johnson currently in hiding in Bali

Looks like it could be another Christopher Skase / Majorca situation, wealthy businessman owing money all over town but refusing to return to Australia to face the music. At least his creditors can take comfort in the fact that Johnson's life must be a living hell right now.

 

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