Bill Vlahos The Edge

The Edge's Bill Vlahos

Bill Vlahos, the operator of failed $500 million punting club The Edge, has declared himself bankrupt.

Trustee in bankruptcy Clyde White, of PCI, said the only substantial debt declared by Mr Vlahos was $26 million owed to Bahamas-based company Aloga, which was used by a group of US businessmen to invest in the punting club.

However, Mr White said he expected more creditors would emerge as news of the bankruptcy spread.

‘‘I’m quite sure there will be a lot more creditors than are identified in the statement of affairs [filed by Mr Vlahos],’’ he said.

‘‘In the circumstances that surround this particular matter, and similar matters that I’ve dealt wth, there will be more that stick their hands up, as sure as day follows night.’’

He said Mr Vlahos’ only declared asset was a bank account containing a few thousand dollars.

’’There’s no assets. He doesn’t have any real property and there’s a bank account, that’s it,’’ he said.

He said Mr Vlahos only identified six to 10 creditors, of which Aloga was by far the largest.

‘‘I’ve been there only since yesterday... we’ve already probably identified another few that will be there that will have fairly large claims,’’ he said.

Mr Vlahos appointed Mr White on Monday.

Mr White appealed for those with information to come forward. 

‘‘I need to find out a lot more,’’ he said.

‘‘I’ve still got a mountain of questions  – it’s a needle in a haystack.

‘‘If people have been involved and are in the industry they might be able to give me pointers.’’

A creditors meeting will be held in January.