Perth businessman Craig Bond has followed in the footsteps of his father Alan and has become a full-blown bankrupt after failing in a year-long survival campaign.
While Alan Bond was ordered into bankruptcy by a Federal Court judge in April 1992 after failing to pay $254 million in guarantees to bankers, Craig Bond has declared himself bankrupt after a losing a $100,000 row in the court last Tuesday.
Official records list Melbourne-based insolvency accountant Daniel Juratowich as having become Mr Bond's bankruptcy trustee on Thursday.
Neither could be contacted yesterday.
The appointment comes 14 months after Mr Bond appointed WA Insolvency Services accountants as his trustees to prepare a deal under Part X of the Bankruptcy Act.
Mr Bond claimed he owed about $4.4 million to various family trust companies.
Despite the weight of Bond family votes ensuring the Part X deal was approved, the Federal Court approved an application by former partner Dianne Beaman last year to have it put on hold while she examined the relationship between Craig Bond and the network of family trusts.
At immediate stake is about $4 million in net proceeds from the sale of a luxury home near Buckingham Palace formerly occupied by Alan Bond and his late wife Di Bliss.
Craig Bond unsuccessfully applied to the Federal Court last week to stop $100,000 of this money being immediately paid to Ms Beaman, claiming this payment could fall foul of bankruptcy laws.
WA Insolvency Solutions manager David Hurt said he would likely transfer the estate money to Mr Juratowich once the paperwork came through.
Mr Hurt confirmed his firm was owed about $500,000.