Joe Gutnick has just $16k and no car or home: bankruptcy documents

ONCE worth more than $300 million, “Diamond” Joe Gutnick now has just $16,087 in cash and cash bank deposits and doesn’t own a car or home, bankruptcy documents state.

‘Diamond’ Joe Gutnick has declared himself bankrupt.

• Melbourne businessman Joe Gutnick declares himself bankrupt

ONCE worth more than $300 million, “Diamond” Joe Gutnick has just $16,087 in cash and cash bank deposits, and doesn’t own a car or home, documents filed in support of bankruptcy state.

And more than seven million shares he holds in about 40 companies, ranging from Legend International Holdings to Great Central Gold and Golden River Resources Corp, have a market value of zero, his personal accounts lodged with the Australian Financial Security Authority show.

Mr Gutnick filed for bankruptcy last Friday, with debts of more than $275 million, after a legal dispute with former business partner Indian Farmers Fertiliser Cooperative (IFFCO).

The part C declaration of assets state that Mr Gutnick does not have any managed investments or insurance bonds, and does not have any debts owed to himself, including loans to friends, relatives or family trusts.

The former Melbourne Football Club president and mining mogul states he has not sold, transferred, or given away any assets worth more than $1000 in the past five years.

Other than general household furniture, Mr Gutnick said he does not own any items of value, including jewellery, artworks or antiques.

Joe Gutnick doesn’t own a car or home, court documents say. Picture: Lindsay Moller

The documents state IFFCO is owed $54 million by Mr Gutnick and Benjamin Koppel is owed $4 million, as a result of court action; Newmont Mining Corp is owed a $15 million loan, while Amex, Citibank, Westpac and Diners Club cards are owed almost $526,000.

Loans of more than $100 million are owed to Hoydu Family Trust and The Edensor Consultants Trust, both listed as related parties, in Southbank.

Mr Gutnick’s wife, Stera Gutnick, is also listed as an unsecured creditor, who is owed a $30.7 million loan, with other loans totalling almost $68 million owed to individuals and entities in New York, St Kilda East and Miami.

The Australian Taxation Office is listed with a $42,613-plus debt.

Mr Gutnick’s legal fight with IFFCO followed a $103 million partnership struck in 2008 with Legend International to supply Australian phosphate to India’s biggest fertiliser group with a view to growing the business to rival Incitec Pivot.

Accountants Pitcher Partners said Gess Rambaldi and Andrew Yeo have been appointed trustees in Mr Gutnick’s bankruptcy.

“Mr Rambaldi has advised he will act in the interests of creditors to identify, secure and realise the assets, income and property of Mr Gutnick’s personal estate,” the firm said.

Mr Gutnick has resigned as a director from all companies with which he disclosed an association. He was unavailable for comment yesterday.

[e-mail]