HomeNewsBishops on the hook for $25 million debt

Bishops on the hook for $25 million debt

Published on

Please Help Anglican.Ink with a donation.

A law suit has been filed against the current and former bishops of Bathurst of the Anglican Church of Australia to recoup approximately $25 million lost in the collapse of the Anglican Development Fund (Bathurst Diocese). Last week the firm McGrath Nicol, which was appointed as receiver and manager of the ADF by the Supreme Court of New South Wales in October 2013, released a statement saying that as a result of its investigations “the receivers and managers have commenced legal proceedings against certain ADF board members and various related parties.”  Former bishops the Rt. Rev. Richard Hurford and current bishop the Rt. Rev. Ian Palmer were the only board members named so far. The Commonwealth Bank of Australia last year initiated legal proceedings against the diocese to recoup funds it lent to the ADF, however Bishop Palmer has vigorously defended the diocese from the claims saying the diocese is not liable for ADF’s debts. A spokesman for McGrath Nicol countered that ADF “acted as a financial intermediary which borrowed funds from certain financiers such as the Commonwealth Bank of Australia and on-lent those funds to schools, parishes, and other institutions within the Bathurst Diocese which are subject to the control of the General Synod,” adding its “activities included governing, controlling and managing those borrowings, and considering applications received for loans from approved diocesan entities.”

Latest articles

Abuja G26 report

https://youtu.be/edRacYrDigk

Twelve Warrington churches unite to form the new parish of Warrington

All twelve churches within the deanery of Warrington have united to form a larger...

The Archbishop of Cant

Given Anglicanism is the third largest Christian polity in the world behind Catholicism and...

Well-respected northern theological college Dean to be next Bishop of Penrith

This morning, a Downing Street announcement confirmed that His Majesty The King has approved...

Acting ACNA primate files defamation lawsuit against Derek Jones

Acting Anglican Church in North America primate the Rt. Rev. Julian Dobbs has filed...

More like this

Abuja G26 report

https://youtu.be/edRacYrDigk

Twelve Warrington churches unite to form the new parish of Warrington

All twelve churches within the deanery of Warrington have united to form a larger...

The Archbishop of Cant

Given Anglicanism is the third largest Christian polity in the world behind Catholicism and...