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Former millionaire tyre king Bob Jane files for bankruptcy
Mark Dunn and Shannon Deery, The Courier-Mail
July 14, 2016 8:00pm Subscriber only - Thanks Rupert
FORMER millionaire race car driver and tyre king Bob Jane has filed for bankruptcy, claiming he has just $15 cash as he is pursued by the tax office for $105 million.
Other unsecured creditors, including a Sheriff warrant for $914,460 over an outstanding court costs order, amount to a further $2.9 million in debts, according to documents filed before the Australian Financial Security Authority.
Mr Jane, 86, was facing a Federal Circuit Court hearing on Monday relating to a creditors petition but is being pursued separately by the Australian Taxation Office for $105 million in capital gains tax after transferring the Bob Jane T-Mart business to his son Rodney Jane in 2006.
Bob Jane at court in2014. Picture: Andrew Batsch
Rodney Jane making his way to court for his case against his father, Bob Jane. Picture: David Caird
His bankruptcy papers state he has one car to his name, a Commodore Nascar display vehicle valued at $80,000; he has $67,000 outstanding on two credit cards, lists unpaid wages of $188,000, legal fees of $208,000, a Supreme Court costs order of $560,000, vehicle repair to an insurance company of $2990 and rates to the City of Melton of $3292.
While the former champion driver and business mogul owns his Diggers Rest home, valued at $2.2 million, he owes $2.51 million on the property to secured creditors, Hargraves Mortgage and Goldsmith Lawyers, and it is now under a mortgagee in possession sale, the documents show.
Mr Jane was assisted in the preparation of the documents by a witness because of “age and ill health”, the filing notes.
On the positive side of the ledger, Mr Jane states he is owed $50,000 per month from Bob Jane Corporation under a deal struck in 2009 and is owed another $5 million from AFJ Property Group.
The material states Mr Jane is owed dividends linked to assets including Calder Park Raceway, the Thunderdome, industrial land and “shares in companies that own properties” but that he has not received any income or capital distribution from them in the past two years.
His statement of affairs says he contributed to the $10 million Port Melbourne property, Bob Jane’s headquarters, held by Rodney.
Bob Jane after winning the Australian Touring Car Championship in 1971.
Bob Jane sitting in a Maserati in 1978.
A June 21 Federal Court order told Mr Jane to file “any material on which he seeks to rely, including an affidavit of financial circumstances if he continues to assert solvency,” by July 7, the date he lodged his bankruptcy statement of affairs with AFSA.
Mr Jane had spent recent years seeking to take back control of the T-Mart business.
He claims his son took control of the organisation when he was ill, leaving him broke, but Mr Jane snr has been unable to produce any evidence to substantiate the claims.
“It’s all gone. I’m not exaggerating, it’s the fraud of the century,” he told the
Herald Sun in 2014.
“He’s got all my money. But his days are numbered, trust me.
“It’s all over, it’s just a matter of time. The company is mine and with time, and the law, I will get it back.”
A long-time friend of Mr Jane’s yesterday said the legal turmoils had been a tragedy.
“It’s a great family tragedy, it’s just awful, a lot of people who respect Bob had wanted to see all this ended amicably,” the friend, a notable Melbourne businessman said.
Mr Jane employed a team of people to help his plans to win back control of the business which had earned profits in excess of $10 million per annum.
But that team has started to disband with lawyer Tony Aanamourlis confirming yesterday he had recently stopped acting for Mr Jane.
Bob Jane at Calder Park Thunderdome in 1992.
Bob Jane, wife Laree, daughter Courtney and son Bob Jane Jr in 1990.
Mr Jane claimed public documents proved the fraud he alleged against Rodney.
In 2014 he wrote to Rodney Jane, and sent the letter to then police chief Ken Lay, accusing him of defrauding him of millions of dollars.
Rodney Jane has persistently denied any wrongdoing, and has never been found by a court to have acted inappropriately.
The pair fell out after Rodney took over the T-Mart business, and Bob accused him of swiping the firm he ran for 40 years and sending him broke.
They have been locked in legal battles since 2011.
In November 2013, the Federal Court banned Bob Jane from using his name to sell tyres after Rodney argued his trademark was infringed.
Bob Jane was ordered to change the name of companies including Bob Jane Global and Jane Tyres.
He was subsequently found in contempt of court on a string of occasions and owes millions in court fines and debts to his son.
In May the Federal Court gave the Sheriff permission to sell his family home.
It is not the first time the Sheriff has gained permission to sell the 72ha Diggers Rest farm.
The home, then valued at $3.5 million, went under the hammer in December with a reserve of $1.9 million, but failed to attract a bid.
Now the Federal Court has ordered the home can be sold with no reserve.
Mr Jane has previously tried to transfer the farm to his ex-wife, Laree, with “love and affection”, despite their once having a spectacularly bitter and expensive falling-out that ended in court when she was accused, but cleared, of threatening to kill him with a knife.