Renowned tyre and automotive entrepreneur Bob Jane has declared bankruptcy following a long-running legal dispute with friend and Rich Lister Harold Mitchell.
Mitchell, who is a media buyer and philanthropist, pursued Jane for hundreds of thousands of dollars in unpaid loans back in 2014.
The tyre king declared bankruptcy on July 8, 2016, according to Fairfax, after Mitchell filed a petition for bankruptcy in April.
Mitchell has reportedly since transferred the debt assigned to him to another of Jane’s creditors, saying he and Jane have “resolved our differences”.
However, the founder of Bob Jane T-Marts is still being pursued by the tax office for $105 million, despite claiming he has just $15 to his name, according to The Herald Sun.
Bob Jane was once estimated to be worth more than $100 million.
Pivotal moments in Bob Jane’s career
- 1965: Opens his first Bob Jane T-Marts store in Melbourne.
- 1987: Jane effectively brings NASCAR-style racing to Australia with the opening of the Calder Park Thunderdome. Jane spent more than $50 million of his own money on the speedway.
- 2000: Jane is inducted into the V8 Supercar hall of fame.
- 2002-2004: Bob Jane T-Marts owns the naming rights for the internationally renowned race, Bathurst 1000.
- 2011: Jane resigned as chairman of Bob Jane T-Marts following a dispute with his son, Rodney Jane.
- 2015: Jane senior’s farm is seized. This occurs after he tried to set up another tyre business using his name, but was successfully sued by Rodney Jane and subsequently had to pay his son’s legal costs.
- 2016: Jane declares bankruptcy.
SmartCompany contacted the insolvency firm acting as Bob Jane’s trustee, SV Partners, for comment but did not receive a response prior to publication.
SmartCompany was unable to contact Jane prior to publication.