Bill Ferg (Vasilios Fergadiotis), owner of Melbourne’s Lobster Cave restaurant, has submitted a last-minute proposal to creditors to avoid bankruptcy, aiming to settle over $7 million in debts through a personal insolvency agreement.
The offer was made just two days before a scheduled Federal Court hearing. If rejected, Ferg could be declared bankrupt and forced to resign from his business roles.
Speaking to the Herald Sun, Ferg said the decision to offer the agreement was “not made lightly,” noting the financial challenges brought on by a struggling hospitality sector.
“I accept full responsibility for my financial position and am committed to managing it with professionalism and transparency,” he said.
All court action is currently paused pending a creditor vote on the proposal.
In the meantime, Ferg has assured it is “business as usual” at The Lobster Cave, which he has operated in Beaumaris for nearly 40 years.
Source: Herald Sun
