Bankrupt former property developer Pat Rippin has put his life insurance policy up for sale, which will yield the buyer $1 million at some stage as long as they keep up the premium payments.Er, no, he's not selling the policy. It's not his to sell. As the very same article explains a few lines later.
The one-time multimillionaire head of publicly listed Markham Developments, who starred in The Family reality TV series about himself and his family, was bankrupted in 2008 over a $250,000 debt.So he sold it to someone else, and the policy eventually fell into the hands of a company that is now in liquidation.
When he could not afford the premiums for his life policy it passed to a business associate, who also then ran into financial strife, and liquidators have now put it up for tender.
The only influence Rippin has over the entire process is when he decides to drop dead. The liquidators would no doubt prefer he did so forthwith.
Why in God's name is anything to do with people like him classisfied as being worthy to gent into the NZ Herald..
ReplyDeleteFor F***ks sake !!