Vic: Elliott fends off bankruptcy moves

AAP General News (Australia)
12-13-2004
Vic: Elliott fends off bankruptcy moves

Embattled businessman JOHN ELLIOTT is to make an offer to his creditors in his fight
to avoid bankruptcy.

The Federal Magistrates' Court has been told the former high flyer is prepared to divide
up his assets, which includes property.

GARRY BIGMORE, QC, the barrister appearing for the 62-year-old former federal Liberal
Party president, says proposals for a settlement are being worked on.

Documents will be submitted to the court tomorrow and an adjournment sought to allow
the parties to study the proposals.

The case will again go before Registrar ROBERT BARDSLEY tomorrow morning and is expected
to be adjourned until the New Year.

The barrister for the administrator of ELLIOTT'S former firm, Water Wheel Holdings,
ROBIN BRETT, QC, says it's up to the creditors to accept or reject the offer currently
being worked out by Mr ELLIOTT and his advisers.

AAP RTV sew/mp/ved/lm

KEYWORD: ELLIOTT (MELBOURNE)

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