Rory Quinn, wife of John Quinn, opts for bankruptcy with debts of $9m
An eye-watering debt has forced the wife of a Gold Coast property investor to opt for bankruptcy.
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THE wife of a property investor who avoided bankruptcy despite owing $93 million has gone bust herself, with debts of $9 million.
Rory Quinn has opted for bankruptcy in the wake of losing a court fight over a personal guarantee given to two Gold Coast mortgagees.
Bankruptcy documents show the 61-year-old lawyer and registered nurse owns a $3.6 million house that is carrying three mortgages totalling nearly $7.5 million.
In 2014, her husband, property investor and retired lawyer John Quinn, admitted debts of $93 million and avoided bankruptcy by reaching a $300,000 settlement with creditors.
Bankruptcy trustee, Jason Bettles, of Worrells, said his investigation into Mrs Quinn’s affairs was in its early stages.
“My plan is to be able to give creditors an initial report by February 14.”
A bankruptcy statement filed with the Australian Financial Services Authority lists Mrs Quinn’s major debt as $8.163 million to Pioneer Investments Australia, which is owned by Stephen Stefanowicz, and SPA Investments, owned by property investor Stephen Anderson.
The companies sued Mrs Quinn in 2017 over a personal guarantee given on a loan, which went into default, on a 56ha property at Yeppoon.
The court awarded them $7.146 million and interest, compounding monthly, at 20 per cent.
Mrs Quinn failed with an appeal late last year.
Pre-trial court documents had flagged that Mrs Quinn expected a loss in the case was likely to cause her bankruptcy and could cause the loss of the family home.
Mrs Quinn’s bankruptcy statement lists her earnings in the past 12 months as $66,739.
The mortgages on her Paradise Waters home include a $2.2 million one from law firm Shakespeare and Haney and a $5.28 million one from company Rails Stripe, owned by Hope Island developer Rick Sheida.
Mrs Quinn, who paid $3.75 million for the house in 2016, has listed its value today as $3.6 million.
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