Scratching around Russell Keddie's estate to find a few bob for creditors … $23 million in claims against the former multi-millionaire solicitor … Public examination of Mr & Mrs Keddie … Creditors' meeting … Max Donnelly's third report
Keddies' Double Bay spread: total value $3.7 million
RUSSELL Keddie's trustee in bankruptcy is forecasting a dividend to creditors of 0.29 cents in the dollar.
That's the optimistic view in Max Donnelly's third report to creditors.
The pessimistic outlook is for a dividend of 0.22 cents in the dollar.
After Max has extracted his fees and expenses the best assessment of Russell's assets available to creditors is $6.9 million and the lowest is $5.3 million.
Currently there is about $23 million worth of claims by creditors.
Happily, the legal advice is that the trustee can rake back the bogus transfers of Russell's half interest in properties at Double Bay and Bungan Beach.
These were made to Mrs Keddie (aka Sarah Key) for no consideration, or $1 each, in July last year.
The total value of those two properties has been estimated at $6.4 million.
Donnelly has been advised to have a public examination of Mr & Mrs Keddie before recovery proceedings are commenced.
Donnelly in his most recent report says:
"I expect the bankrupt's 50 percent share in these properties will be recoverable in full."
Russell received $1.2 million from the sale of investment properties at Potts Point (2009) and The Rocks (2011), and there will have to be an explanation how the proceeds of those sales were distributed.
Sarah Keddie (aka Sarah Key) will also be questioned about the transfer to her husband and back again of a London leasehold property worth between £350,000 and £400,000.
See Keddies Kapers
The trustee has already got his paws on $1 million cash in Russell Keddie's bank account.
There are numerous other details in the latest report about motor vehicles, family trusts, unit trusts, superannuation, livestock and the bankrupt's debtors (all family related entitles).
A meeting of creditors has been set for next Tuesday (August 7) at Ferrier Hodgson's office, level 13, Grosvenor Place, 225 George Street, Sydney.
Roll-up, roll-up.
Sources ...