Distressed Assets Media Centre
31 March 2010
Bolton's bolt-ons are turning to mush
Source: businessday.com.au
A COMPANY controlled by Nicholas Bolton has gone into liquidation with debts exceeding $635,000, including a $385,000 tax bill and $250,000 of superannuation that has not been paid to staff.
In February this year, creditors put Bolton's Australian Style Services into liquidation. The majority of Bolton's staff, including those working for the Bottle Domains domain name company he founded as a teenager, were paid by Australian Style Services.
The company is part of the Australian Style Group which in December 2008 began amassing a major stake in toll-road company BrisConnections when the share price fell to just 0.1¢. Bolton used the 19.9 per cent stake in BrisConnections, bought for just $77,000, to call a vote to have the listed company wound up.
On the day of the vote, Bolton accepted $4.5 million from Leighton Holdings for his voting rights.
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