Property developer Scott Juniper rethinking $20,000 proposal to erase $70 million debt

The son of Queensland property entrepreneur and Rich Lister Graeme Juniper has offered $20,000 to wipe out debts of more than $70 million, following the collapse of his property development holdings.

Scott Juniper proposed $20,000 to clear the debt at a creditors’ meeting on Wednesday, although the controlling trustee has postponed acceptance in lieu of a higher offer.

“Mr Juniper approached me to put forward an offer to his creditors worth $20,000,” controlling trustee and Vincents Chartered Accountants director Nick Combis told SmartCompany.

“I put that to the creditors along with my recommendations against the proposal. Obviously, they’re free to vote on whatever they would like and ultimately the decision was up to them.”

However, the meeting on Wednesday was adjourned for another three weeks, and Combis says he believes Juniper is formulating a different offer.

“The meeting has been adjourned until September 12 and in that intervening period I believe Mr Juniper will come to me with an updated proposal.”

“What that proposal is, how much more money it contains, and any other additional information, I don’t know at this stage.”

Scott is the son of Graeme Juniper, one of the richest men in Queensland. Graeme was ranked as the state’s second richest person in 2007 with a fortune of $444 million.

Scott Juniper owned and managed several development companies, and enjoyed a lavish lifestyle spending money on cars, property and several investments. But in 2010, the development turned sour and his company S&L entered receivership.

His debts total $70 million, with creditors including the Bank of Western Australia and the Bank of Scotland. The creditors also include an elderly couple who were involved in a failed property deal with Juniper.

If the deal is accepted, Juniper will be safe from having to hand over any assets. Juniper claims if he is declared bankrupt, he would have no cash on hand.

Scott Juniper’s investments are unrelated to Graeme Juniper’s own property development investments.