Hollioake's property empire collapses

A Perth property development company owned by the former England cricketer Adam Hollioake and his family has collapsed, owing $20 million to more than 40 creditors, including Hollioake’s former Surrey and England team-mate Alec Stewart.

According to the West Australian newspaper, there is only a “very slim” chance of any of the non-secured creditors, including Stewart and Hollioake himself, seeing a single cent of their money, after liquidators were appointed to take control of the company in September 2010.

Stewart, whom the newspaper claims is owed A$700,000, made his first investment with the Hollioake Group in 2000 and reinvested in 2003. "I have to say it has been very profitable and dealing with THG is so easy," he said in a statement on the company’s website. "I am secure in the knowledge I am dealing with such an honest reputable company."