Wednesday, July 8, 2009

ZenTiger Steve Crowe continues to rape and pillage

Creditors of two of Steve Crow's failed companies are unlikely to see any of their money again, although the porn entrepreneur has transferred the firms' assets into another company and continues to trade.

Lloyd Hayward of accountants Meltzer Mason Heath, the liquidator for both companies, said Vixen Direct owed $262,000 to unsecured creditors and Erotica Expo owed about $145,000.

Mr Crow said he would not be making any attempt to recompense creditors of the liquidated companies. "I don't have any obligation to do so and it's an unfortunate fact of business these days. No-one does it to me when they go under."

His creditors are probably feeling rather violated right about now. Exploited at the very least. Let's hope the cycle doesn't continue.

In broader terms, his modus operandi isn't too different from many people. I've seen a few examples where people have left creditors with the debt and yet they are happily trading in another company structure soon after. Surely, insolvency laws were meant to prevent this sort of behaviour? Do they need tightening up?

Hat Tip: Mr Tips and Mid-Week Madness

Related Link: Porn King Empire

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