It is all about greed. He no doubt wanted to make a killing with a property development deal and thought that it would be easy to make lots of money.
Plently of others have tried and also failed.
If you put your house up as security and have a partner who is not a director then you are simply asking for trouble unless you have also taken a mortgage over the partners assets as well to cover situations like this.
Why didn't he do a development with someone with a track record like Max Delmege?
MANLY are rallying behind club great Max Krilich after it emerged last night that the former Australian captain has been declared bankrupt.
Krilich told The Daily Telegraph he has "lost everything" – including the family home – as a consequence of two failed Queensland-based property development businesses.
The devastated 57-year-old last night confirmed he was declared bankrupt on May 1, but maintained he had been "shafted" by his business partner.
As sole director of both companies, Krilich has been personally crippled by their fall.
"I'm the guy left holding the bag because I'm the director," he said.
"I've been based in Sydney and my partner has been managing the businesses.
"He has not told us the truth and I've suffered for it."
One of the companies, Keystone Developments Pty Ltd, was yesterday ordered by the Queensland Supreme Court to wind up its operations following an application from Australian Securities and Investments Commission (ASIC).
In a statement released yesterday, the corporate watchdog alleged Keystone "abandoned" a $2.5 million apartment development on the Gold Coast after raising funds from investors.
As sole director, Krilich attempted to place the company under administration on May 29 as it slid towards insolvency.
But his bankruptcy four weeks earlier disqualified him from appointing administrators – forcing ASIC to step in.
Krilich last night insisted he had co-operated "100 per cent" with investigators.
He added that his bankruptcy – which prompted stress-related illnesses and has cost him the family's northern beaches home – was prompted by the failure of a separate property company last November.
It was responsible for developing apartments in Redcliffe, just north of Brisbane.
"Former Australian captain or not, if you are human being this is a terrible situation to be in," Krilich said.
"I've never owed anyone money before in my whole life.
"It doesn't read very well because, as director, I'm the one holding the bag. I'm the one who's officially responsible.
"But I've been shafted – basically I've had to start my life over again."
Krilich declined to reveal the name of his business partner, but the family wants ASIC to investigate further.
"He has gone into hiding," Krilich added.
Shocked by the news, Krilich's former teammates and officials at Manly are leading a rearguard action to get him back on his feet.
League Immortal Bob Fulton, along with Sea Eagles part-owner Paul Cummings, are at the helm of the club's efforts.
One Manly source last night said: "It's terrible what's happened to Max, he's been in a really bad way for a while now."
Krilich added: "The club and my wife have been great. They know what's happened and they've stood by me and helped me out."
