INSOLVENT auto boss Rick Damelian has declared himself bankrupt, heading off a creditors petition hearing scheduled for next week.
SiN learnt today that the Australian Armenian from Uruguay took matters into his own hands on November 9, appointing Armstrong Wily's Andrew Wily as his trustee in bankruptcy.
Wily told SiN that secured lender NAB would now move to take possession of Damelian's multimillion dollar home at McMahons Point.
Damelian had been scheduled to face a creditors petition hearing next Tuesday brought by Steve Sherman and Jim Sarantinos.
The Ferrier Hodgson duo are receivers appointed to Damelian Automobile Pty Limited.
In August the NSW Supreme Court ordered Damelian to pay almost $1.9 million in outstanding loans to Damelian Automobile, which had been the main trading entity of his once sprawling auto empire.
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SiN learnt today that the Australian Armenian from Uruguay took matters into his own hands on November 9, appointing Armstrong Wily's Andrew Wily as his trustee in bankruptcy.
Wily told SiN that secured lender NAB would now move to take possession of Damelian's multimillion dollar home at McMahons Point.
Damelian had been scheduled to face a creditors petition hearing next Tuesday brought by Steve Sherman and Jim Sarantinos.
The Ferrier Hodgson duo are receivers appointed to Damelian Automobile Pty Limited.
In August the NSW Supreme Court ordered Damelian to pay almost $1.9 million in outstanding loans to Damelian Automobile, which had been the main trading entity of his once sprawling auto empire.
Contact SiN