Owner of Melbourne’s renowned Lobster Cave restaurant, Vasilios Fergadiotis, widely known as Bill Ferg, is facing a bankruptcy claim of nearly $1 million related to the acquisition of a former business.
This action, initiated in the Federal Court, signifies a serious escalation in the financial difficulties of Ferg, who has operated The Lobster Cave in Beaumaris for nearly 40 years.
Ferg’s challenges have already resulted in multiple companies under his management collapsing into insolvency. His personal assets have thus far been shielded from these troubles, as the corporate structure provides protection for a director’s personal holdings, assuming there has been no breach of duties.
However, Former Green Earth Industries director Jesus (Harvey) Jimenez is pursuing Ferg’s personal assets as he seeks $930,000 he claims he is owed from the sale of a dairy and vegetable wholesaler to the hospitality veteran.
If Ferg is declared bankrupt, he will be forced to step down as director from his various companies, and hand over his shares.
Source: Herald Sun.
