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Australian medical tycoon files for bankruptcy in Ohio

When things are going well, it seems like the good times may never end. But people in even the most rarified financial positions sometimes need protection under bankruptcy laws. An Australian medical entrepreneur is now dealing with that scenario. He has sought debt relief and asset protection by filing bankruptcy in an Ohio court.

The 70-year-old businessman and former physician made millions in the medical industry before diversifying into other areas. Over his career he's owned record labels, medical firms and an Australian football team. He's now dealing with a protracted legal dispute with American partners. The dispute involves investments in a casino, a fashion label and a pair of housing complexes. The case has drawn significant media interest in Australia, due to the man's high profile and his pending divorce to a reality television star.

The businessman filed a bankruptcy petition claiming just under $20 million in debts, with a net worth of between $11 and $55 million. His creditors include the Australian and U.S. governments, casino interests in Singapore, his accountants and lawyers, former business partners, and his mother.

This is hardly a run-of-the-mill bankruptcy. It involves tax debt, family debt, a pending divorce and a pending lawsuit -- all in the tens of millions of dollars. But despite the colorful nature of the circumstances, the underlying reasons for bankruptcy protection remain the same. Filing bankruptcy can help this man protect his assets and satisfy his creditors. 

Anyone experiencing this kind of financial turbulence should consider speaking to an experienced bankruptcy attorney immediately. With expert guidance, a troubling financial situation may be remedied through the use of bankruptcy protection -- and personal assets and livelihoods can be protected.

Source: The Sydney Morning Herald, "Geoffrey Edelsten files for US bankruptcy," Ben Butler and Chris Vedelago, Jan. 12, 2014

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