FORMER Hunter wine boss David James has failed in an attempt to sue two receivers he alleged undersold the assets of his collapsed empire, meaning he could not repay his debts.
The fallen entrepreneur represented himself in a Supreme Court hearing last month before Justice Ian Harrison against Paul Merryweather and Greg Hall.
The pair were working for PriceWaterhouseCoopers (PWC) in August 2013 when they were appointed by ANZ as receivers of five of Mr James' wine and publishing companies.
ANZ was chasing almost $14 million after Mr James gave personal guarantees for money owed by the companies. The latest ruling by the Supreme Court brings to an end five years of failed litigation by Mr James against the receivers.
Justice Harrison dismissed Mr James' claim this month, ruling it was an "abuse" of the court's process because it had already ruled on the matter.
The court heard that in May 2014, Mr James entered into a consent judgment agreeing he was liable for the companies' $13.9 million debt to ANZ.
The receivers later sold the companies' assets and paid $2.1 million to ANZ, leaving a shortfall of $11.7 million. But Mr James alleged he would have been able to sell the assets for more than $30 million and repay all debts.
He said Rabobank inspected the companies' holdings a week before ANZ called in its loans, and valued them at $25 million.
Mr James further detailed separate legal proceedings being brought by a special purpose liquidator of two other companies that is listed to be heard in the Supreme Court over seven days in March next year.
According to Mr James, the case involves claims in excess of $70 million and includes allegations of "tresspass and criminal conduct".
"The special purpose liquidator's position is that Mr James owned seven wineries and extensive property holdings with Rabobank to the value of more than $50 million," Justice Harrison said.
"Mr James says that he had $25 million. He says at the time that the receivers were appointed, the companies owed $12 million to ANZ and $25 million to Rabobank.
"The ANZ receivers ended up only giving $2 million to ANZ. Mr James also says that Rabobank lost every cent because of the conduct of the ANZ receivers, but has not pursued Mr James as the guarantor, nor has it pursued the companies."
But Justice Harrison found the claims by Mr James were the same as failed proceedings he brought in 2016, when he litigated a case against ANZ and one of his companies that was being controlled by the receivers. He later attempted to amend the claim and bring the same case against ANZ and the PWC receivers, but the matter was dismissed. An appeal was then dismissed by the Court of Appeal and an application to have the matter heard in the High Court was also dismissed.
Mr James argued unsuccessfully that the latest case was different because the proceedings were brought against the receivers as individuals. He also told the court that he had "more extensive evidence", that he did not provide, against the receivers dating back to before their appointment, when they were working as investigating accountants of his companies.
"He says that PWC was involved with his computer system and crashed his entire empire," Justice Harrison said. "He says that he only seeks to fight with ANZ and PWC, who he claims have done everything in their power to hide whatever went on."
