Former senator Bob Day left with just $4000 in the bank, financial statement reveals

EXCLUSIVE: He was one of SA’s most successful and wealthy businessmen, but the financial statements for former senator and failed building magnate Bob Day now tell a very different story.

• Bob Day’s Senate election ruled invalid
• Family First’s second senate candidate could replace Day
• Liquidators to investigate money Bob Day gave to Family First
• Bob Day’s victims fear they’ll get nothing back

HE was once one of South Australia’s most successful and wealthy businessmen, presiding over a multimillion-dollar company that spanned five states and built hundreds of homes a year.

But it can now be revealed that former Family First senator Bob Day, whose Home Australia empire collapsed last year with debts of almost $40 million, now has just $4000 in the bank.

The Advertiser has obtained a copy of Mr Day’s statement of financial affairs — filed as part of bankruptcy proceedings against him — which gives an insight for the first time into his dwindling fortune.

In the document, lodged last month with the Australian Financial Security Authority, Mr Day also lists musical instruments worth $2000, a $3000 stamp collection and a $12,000 Holden Commodore among assets.

And Mr Day, 64, could be forced to hand back salary payments and taxpayer-funded superannuation after the High Court ruled on Wednesday that the former Family First senator breached the Constitution.

He has been drawing $60,000 a year from his $611,672 personal superannuation fund, into which he was paid his parliamentary super. But creditors are unlikely to be able to access the superannuation, which would be protected should Mr Day be declared bankrupt.

A defiant Mr Day defended his right to the parliamentary superannuation, saying that he’d done a “good job”.

“I did the work of a senator and worked pretty hard at it,” he said. “(The Government) may say I wasn’t eligible and I would have to pay it back but I’ll cross that bridge when I come to it. But would it be fair for me to pay it back?”

Special Minister for State Scott Ryan’s office said the Government was considering whether Mr Day's parliamentary payments of more than $130,000 could be recovered.

Mr Day, whose election was invalid because of a pecuniary interest in a lease deal for his Kent Town electorate office, said it was only a matter of time before he had to sell his house.

He has valued the Houghton house he shares with wife Bronwyn at $900,000.

But he said any proceeds would be used to satisfy a $20 million debt owed to National Australia Bank.

“The bank will take that eventually. They’ve notified me (of intention to sell),” the Homestead Homes founder said.

“I went personal guarantor for the business and business loans and put up my house for security. That’s the risk you take when you go into business ... I’ve lost my home, my business, my seat in Parliament — apart from that, things are going well.”

Bob Day plays guitar at his home before he stood for the Senate. Picture: Tait Schmaal

Ex-senator Bob Day in his old job, in the Senate. Picture: AAP

Last year, he sold $1.5 million worth of land in Houghton, with “all proceeds” going to service his bank loans.

Mr Day said the musical instruments included two guitars and a banjo and that he “hoped not” to have to sell, and his 50-year collection of “thousands of stamps”.

Mr Day also sold $69,700 worth of art in June 2015 and January this year, including works by Pro Hart, Hans Heysen and Albert Namatjira.

The Queensland Building and Construction Commission has filed bankruptcy proceedings against Mr Day in the Federal Court in a bid to recover a $47,521 insurance payment made to a customer of Mr Day’s Queensland subsidiary Newstart Homes who lost their deposit.

But Mr Day told The Advertiser he had paid millions in builders’ warranty insurance through his companies and that there was “plenty in the insurance pool” to pay the outstanding debt.

Queensland Housing and Public Works Minister Mick de Brenni said he was “deeply concerned” that taxpayers were “footing the bill” for Mr Day’s business. “People expect someone who holds an office of trust to behave in a fashion that reflects well on that office,” he said.

Bob Day’s home at William Street, Houghton. It will eventually be sold by the bank to reclaim its losses.

In his statement of affairs, Mr Day has given personal guarantees of payment to 103 creditors who he owes a collective $23.4 million.

Mr Day’s Home Australia empire was put into liquidation last October, leaving hundreds of customers — including more than 200 in Adelaide — with homes at various stages of construction.

A spokesman for liquidators McGrath Nicol told The Advertiser that investigations were continuing into Mr Day’s finances and the transactions of the companies under his control.

“Preliminary reports have been filed with ASIC, but there is substantially more work to be completed before the liquidators can report findings,” he said.

“They expect to report to creditors and hold creditors committee meetings for all group companies around July.”

Family First No. 2 Senate candidate Lucy Gichuhi — who polled just 152 votes at the last election — is favourite to win a special recount of ballot papers to determine who replaces Mr Day.