Creditors accept deal for fraction of $490m owed by Craig Gore | News.com.au

Creditors accept deal for fraction of $490m owed by Craig Gore | News.com.au: "FALLEN Gold Coast businessman Craig Gore has avoided another personal bankruptcy after creditors yesterday overwhelmingly accepted a deal in which they will recover just a fraction of the $490 million owed to them.
Creditors voted for a resolution approving a Part X personal insolvency agreement for Mr Gore which allows him to make payments of less than 1¢ in the dollar without going bankrupt.
Under the scheme, Mr Gore must pay just $3 million over three years, with $300,000 due immediately and another $83,333 a month paid out over 36 months. He must also turn over 30 per cent of the net profits earned by one of his unit trusts."