Bernard Hall splashes out $8.2m (but fails to complete) – and as at 14 November 2019 – his companies still had only completed 1 of 5 purchases … 90% of the purchase prices still remains unpaid. Moreover, 4 of Bernard’s companies are now in liquidation, yet despite this the liquidators seem in no hurry to, well, liquidate those 4 companies or their millions of dollars of real estate.
It seems a key assumption by Bernard Hall may be in error. Bernard is quoted by the Central Western Daily as indicating a belief that he only needed to find the ‘other half’ of the equity he didn’t presently own in the Bonny Glen properties.
More than 106 days after the auction (as at 8 November 2019), Bernard and his company’s have failed to complete the purchase of 4 of the 5 Bonny Glen properties he bid to purchase at a cost of $8.15m.
In early November 2019, a notice to complete under those 4 incomplete contracts has been issued upon Bernard Hall making completion, at a final price of about $7.4m, time being of the essence, essential by the close of business on 14 November 2019. As at the close of business on that day (yesterday), Bernard’s purchasing companies had failed to complete.
It would appear from Bernard’s quotes (see article above) he believed he could merely just pay a top up sum to buy out his brother and parents from the properties? Did his Nuffield Scholar wife also hold this belief?
The family tree of the Bonny Glen and Hall family/s is below: