Bart Cummings’ racing empire is in the spotlight after the training business of his son Anthony was placed into liquidation with debts of more than $2million.
A liquidator’s report by insolvency business DW Advisory has been submitted to the Australian Securities and Investments Commission (ASIC), stating that Cummings’ RossCarbery Holdings business collapsed with ‘$4.2million claimed by unsecured creditors.’
Almost half of that amount is loans made to the company by Cummings, his wife Bernadette and a third related party, Anthony Cummings Thoroughbreds.
As a result, Cummings could be forced to vacate the family’s Leilani Lodge stables in Randwick where his iconic father Bart trained some of his 12 Melbourne Cup winners.
With his business under administration, Racing NSW is investigating the matter and the 68-year-old’s trainer’s licence is under threat.
Cummings has rejected suggestions he acted recklessly and failed to maintain accurate records of his business.
‘I acted in good faith at all times,’ he told the Sydney Morning Herald.
‘The reality is the biggest debts owed by the training company were to me, my wife and my thoroughbred company. That’s a matter of fact.
‘I’ve had discussions with the majority of people involved and there is no issue there.’
Cummings’ son Edward has already transferred some of his horses in work to his father’s stables and also offered a number of Anthony’s employees work and paid out annual leave entitlements, according to liquidator Cameron Gray.
It remains to be seen if Cummings will be given the green light to continue training and link up with his son following a show-cause notice issued by Racing NSW in October.
Cummings pointed to poor on-track performances as to why his company has failed.
When Cummings’ business went into administration, it had total assets of just $979.
He had a Group 1 winner and collected $1.1million in prizemoney in October when El Castello won the Spring Champion Stakes at Rosehill.
Cummings’ clouded future in the sport of kings comes as his other son James, 36, recently snared his 50th Group 1 triumph training for Sheikh Mohammed bin Rashid Al Maktoum, the ruler of Dubai.
The Sheikh is also the founder of Godolphin, the global thoroughbred breeding operation and horseracing team.
This news appeared first on @Daily mail
