Damien Costas, Penthouse Australia publisher, was declared bankrupt in Sydney’s Federal Court on Wednesday, with $172,000 unpaid bills owed to printing company TMA Australia.
TMA Australia chairman Anthony Karam told SMH: “I would rather have him pay the money he owes us and other people but there is some vindication from the court today”.
Costas previously won several adjournments in the matter while the printing company continuously attempted to chase him over his unpaid debt.
On Wednesday, however, he was successfully bankrupted by TMA Australia after the court refused to adjourn the matter again.
Costas said he will fight to “have the decision annulled”.
The Penthouse publisher is well-known for bringing political provocateurs such as Milo Yiannopoulos and Nigel Farage to Australia for nationwide tours.
Celebrity agent Max Markson, who worked on the controversial tours, which were underwritten by Costas, was pleased by the bankruptcy.
Markson had been trying to bankrupt Costas’ company over alleged unpaid debts in a different legal action in the Supreme Court of Victoria.
He claimed Costas owed him almost $63,000 from the Yiannopoulos and Nigel Farage Australian tour.
Markson said: “This personal bankruptcy should put an end to Damien Costas and his business endeavours and years of him ripping off the general public as well as business in this country.
“Now he should go out and get a real job instead of winding up companies, leaving people and the ATO millions of dollars out of pocket”.
Markson said he would continue trying to get Costas’ company Global Media & Entertainment Pty Ltd liquidated.
It is unclear what will happen to Penthouse following Costas’ bankruptcy.
