More strife for Rod Culleton: Second king hit to Turnbull's Senate numbers?

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It isn't just the conviction for larceny Rodney Culleton should worry about. If he's proven to have been insolvent when he became a Senator, it could also bring on a by-election. Michael West reports.

AND THEY reckon Senator Bob Day is red hot. How about One Nation Senator Rodney Culleton?

Rodney is due to front yet another creditor’s meeting for one of his failed companies at 10.30am today in the offices of PPB, St George’s Terrace, Perth. It would be worth the mainstream media checking his statutory statements …

Rodney’s company, Elite Grains Pty Ltd, has just over $6 million owed to creditors and, according to the liquidator

“I am not aware of any remaining company assets at the time of my appointment."

No assets, $6 million in debts. This is just one of Rodney’s many companies as a self-described “successful businessman”.

Of the $6 million owed here, $5.4 million is due to secured creditors and the largest of these, the bank which cops a public hiding by Rodney in his maiden speech to Parliament, is ANZ, which is owed $4.3 million.

Will ANZ be pursuing its debt, or is the bank too scared of being further bashed by Rodney? Is this a “cash forgiven for no-comment” scenario?

Senator Bob Day has no judgements against him, no horde of angry creditors pursuing him, no plethora of liquidations in his wake.

The Australian Electoral Commission (AEC) would do well to check the inconsistencies in Rodney Culleton’s three statutory statements:

  • his personal financial disclosures to the AEC (which fail on a number of counts); 
  • the administrator’s statement of assets (both Elite Grains and DEQMO) which includes large creditor claims; and
  • the Culleton bankruptcy statement, which fails to mention the aforementioned purported assets.

If this is not a lay-down-misere, Victor Hugo did not write French. Rodney’s bankruptcy hearing comes up in November but today, in Perth, is the Elite Grains creditors’ meeting.

According to the VA, Rodney failed to provide proper records; failed to attend a number of court hearings; failed to prove that the company had any assets of note; failed to provide audited financial statements for three years; and, generally, failed to pay the people it owed money. This is just one of Rodney’s companies in his soi-disant “successful business career”.

The broader question is, if it can be proven that Rodney was insolvent when he became a senator – as appears to be the case – will that entail a by-election and consequent implications for the government’s numbers in the Senate?

This article was originally published on michaelwest.com.au and has been reproduced with permission. You can read more from Michael West on his website and follow him on Twitter @MichaelWestBiz.

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