Bill Ferg, owner of melbourne’s renowned Lobster Cave, has managed to avert the appointment of a liquidator for his restaurant, despite disclosing that his debts have surged to as much as $17 million.
Vasilios Fergadiotis, widely known as Bill Ferg, has been embroiled in legal proceedings for months following a lawsuit filed by Humm Group, a non-bank lender and buy-now-pay-later service, against his company, Lob Nominees, which operates the Lobster Cave brand and its website.
The legal action began in August when Flexicommercial, a subsidiary of Humm Group, sought a winding-up order against Lob Nominees. Such orders are typically issued by creditors to compel repayment of debts, and if deemed valid, they can lead to a company’s liquidation.
After several adjournments, the case was finally heard in the New South Wales Supreme Court last week, where the parties reached a last-minute settlement.
Mr. Ferg confirmed to the Herald Sun that the issue has been “resolved to everyone’s satisfaction,” though he added that confidentiality agreements prevent him from providing further details.