A $3m “initial distribution” payment to be shared between 55 investors was announced in August by accounting firm Jones Partners.
Michael Hayter, the solicitor acting for the receivers, told the court at the time that one pair of Christian Dior sneakers purchased by Ms Caddick could be worth approximately $12,000, if it was still in mint condition.
On Monday morning, Mr Hayter told Justice Brigitte Markovic that the receivers had come to an agreement with the family for Caddick's son to retain some of the sneakers from the collection.
Mr Hayter said that he would be allowed to keep the sneakers worth less money, while the receivers would sell off the more high-end footwear.
“A deal has been done with (Caddick's husband Anthony Koletti) on behalf of (Caddick's son) that the (son) retain half of the lesser-value sneakers and the receivers will then realise the higher net worth value sneakers,” Mr Hayter told the court.
The court heard that two superannuation accounts in Caddick's name — each containing approximately $30,000 each — would be recovered to pay back investors.
Mr Hayter told the court that one of the super funds had been topped up using ill-gotten investor funds.
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For further information please contact:
Michael Hayter, Partner
Phone: +61 2 9777 8310
Email: mkh@swaab.com.au
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