Media release: VIC (VIDOVIC) Builder disposes of cash then declares voluntary bankruptcy

Monday, June 19, 2017

Mr Nenad VIDOVIC was sentenced on 15 June 2017 after pleading guilty to charges of removal of property prior to bankruptcy, making a declaration in his Statement of Affairs that was false and removal of property after bankruptcy.

Mr Vidovic filed for voluntary bankruptcy on 17 February 2015 with debts of over $861,000.  Between 3 November 2014 and 13 February 2015, Mr Vidovic withdrew in excess of $365,000 from his personal bank accounts.  This money should have been used to pay his creditors.  He told his bankruptcy trustee that he suffered from a depressive illness and alcoholism, and although he could not remember what he used the money for, he did spend a lot of time at gaming outlets.

Mr Vidovic was a self-employed builder trading as SN Construction.  He owed the Australian Tax Office in excess of $372,000. On his Statement of Affairs, he failed to declare his income for the previous 12 months, eight bank accounts and the ownership of a motor vehicle.

After becoming bankrupt, Mr Vidovic received about $5,200 into his account as a result of gambling winnings. These monies vested in his bankrupt estate. He then failed to advise his trustee of these funds as required, and then withdrew $3,000.

Mr Vidovic was sentenced at Ringwood Magistrates Court by Magistrate La Rosa. He convicted and sentenced Mr Vidovic to a Community Corrections Order to perform 175 hours of unpaid community work over 15 months.  He was also ordered to undergo treatment and rehabilitation and to pay disbursement costs of $178.90.

The matter was prosecuted by the Office of the Commonwealth Director of Public Prosecutions.