John Wayne Millwood bankruptcy: How pilot Duncan Finlay ended up with free half-share in house
An ongoing hearing into the finances of a disgraced Tasmanian art collector has heard how his partner’s son was gifted a half share in a property in the state’s North. Latest courtroom updates.
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An ongoing hearing into the finances of disgraced Tasmanian art collector John Wayne Millwood has heard how his former partner’s son was gifted a half-share in a property in the state’s North.
Sonia (aka Sam) Ann Finlay, Millwood’s former partner, was cross-examined in the Edward Braddon Commonwealth Law Courts Building on Wednesday as part of ongoing action by Millwood’s bankruptcy trustee, Sheahan Lock Partners, against the bankrupt estate.
Sheahan Lock is seeking to recover millions it claims Millwood divested himself of in order to prevent the payment of $5.3m compensation to his victim, who is yet to receive a cent.
Sheahan Lock counsel Stuart Lewin probed Ms Finlay on a four-bedroom property she and Millwood owned at 22 Perrin Drive, Low Head, that is now owned by Ms Finlay and her son Duncan Finlay, an aviation pilot.
Ms Finlay said she and Millwood purchased the property in 2011 as tenants in common for approximately $440,000.
She said she stumped up all the cash upfront, with Millwood to pay her back “when he could”. Ms Finlay claimed she was paid back in March or June 2018.
Mr Lewin asked what became of Millwood’s share.
“He instructed me [from jail] that he wanted me to make it known to Ken [Davey, Millwood’s accountant] that it should be gifted to Duncan, as he didn’t want anything more in his name,” Ms Finlay said.
Mr Lewin asked whether Ms Finlay’s son was a beneficiary of Millwood’s will, in light of both Millwood and his daughter Sarah giving evidence previously in the hearing that the sole purpose of the asset distribution was to execute the will early.
“No, I wouldn’t think so,” Ms Finlay replied.
Mr Lewin also devoted time to probing the acquisition by Ms Finlay and Sarah Millwood of a property at 114 Frederick St, Launceston, which a company controlled by them purchased for $340,000 on the day of Millwood’s sentence using money lent from Ms Finlay.
Mr Lewin introduced evidence that suggested both were both aware, via a LISTmap extract provided two days prior, on December 5, that the residence had an estimated value of $500,000.
Ms Finlay and Sarah Millwood sold the property, six months after they acquired it, for almost exactly that amount – $503,308.07.
Mr Lewin asked how the sale price of $340,000 was arrived at.
“We had a valuation on all the properties, to my knowledge,” she said.
Mr Lewin directed Ms Finlay to a file note from Mr Davey, dated December 6 – the day before Frederick St was sold – that stated Ms Finlay “will” get valuations on Frederick St and another residence at 159 St John St.
“You agree that at the time you met Ken Davey on December 6 that no valuation had been obtained at that point?” Mr Lewin asked.
“I can’t answer that,” Ms Finlay responded.
Like Sarah Millwood on Tuesday, Ms Finlay said she was unaware that Millwood’s victim had made a compensation claim, despite her agreeing that she was in court the day the orders were sought.
Asked when she found out, she said, “A long time later, years later.”
She did not recall how she found out a compensation order was being sought.
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Originally published as John Wayne Millwood bankruptcy: How pilot Duncan Finlay ended up with free half-share in house
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