Embattled Vailo founder Aaron Hickmann faces lender bankruptcy threats as receivers take control of empire over NAB bank loan default

An embattled millionaire entrepreneur is being threatened with bankruptcy over unpaid debts as a major bank took control of his lighting empire after claims his company has defaulted on a multimillion-dollar Adelaide property loan.

An embattled millionaire entrepreneur is being threatened with bankruptcy over unpaid debts as a major bank controls his lighting empire after alleged default on a multimillion-dollar Adelaide property loan.

Marlbury Capital Lending Services Pty Ltd has launched federal bankruptcy action, claiming Vailo founder Aaron James Hickmann, 36, failed to repay almost $600,000.

But as another court on Friday heard he failed to meet a judge’s orders in a separate case because of “sandbagging” his Gold Coast home, external administrators took control of his company.

Valo CEO and founder Aaron Hickmann. Picture Mark Brake

It is another blow against the Adelaide 500’s Queensland-based main sponsor, who has been accused of failing to pay other business invoices as well as property and tax debts.

Federal Circuit Court documents allege bankruptcy has been threatened after he failed to repay $596,424.20, which Mr Hickmann has disputed.

Aaron Hickmann with his wife Maxine along with Mareli Visser and Josh Harris at the Adelaide 36ers and Adelaide Lightning MVP Dinner at the Titanium Security Arena. Picture: supplied

A default District Court judgment was issued last year, a creditor’s petition states.

“(He) failed to comply … with the requirements of a bankruptcy notice served on him on 5 August 2024 or to satisfy the court that he had a counterclaim, set-off or cross demand equal to or more than the sum claimed,” the notice states.

The lender claims he defaulted on a Birdwood vineyard loan.

The father-of-two, who earns $1m annually as Vailo founder, faces losing the estate, another McLaren Vale vineyard and an inner Adelaide property over loan debts.

Mr Hickmann, who parliament has heard has been investigated for tax fraud, has launched Supreme Court action to have external administrators, acting for a third lender BizCap, removed from selling those properties.

Valley Road vineyard property, at Birdwood that Vailo founder Aaron Hickmann owns, is up for sale to pay off debts. Picture: realestate.com.au,

He has denied any impropriety regarding his tax affairs and the ATO has not taken any action

His lawyer Greg Griffin on Friday told the court that due to his client “sandbagging” his property from Cyclone Alfred, he had not compiled a formal statement of claim.

The court also heard about discussions between BizCap and National Australia Bank, which this week appointed KordaMentha as receivers over Vailo, its operations and its assets.

Motor Sport Board chief executive Mark Warren, Premier Peter Malinauskas and Vailo founder Aaron Hickmann with drivers at the Adelaide 500’s official launch in Victoria Square in 2022. The sponsorship is under a cloud. Picture: NCA NewsWire / Kelly Barnes

Associate Justice Katrina Bochner granted another fortnight to lodge a statement of claim.

Sources familiar with Vailo’s operations revealed NAB was chasing loan debts worth “tens of millions of dollars” linked to his former Wayville headquarters and other business ventures.

Documents filed with the Australian Securities and Investments Commission corporate regulator state collateral was over “commercial property” but also included inventory and company control.

Mr Hickmann, who disputes all debt and tax claims against him or his businesses, did not respond to inquiries on Friday night.

Spokesmen for KordaMentha and the NAB declined to comment. Both court matters return later this month.