Victoria is not exactly known for its castles, so you are stepping into the extraordinary when you arrive at this property. Not so very long ago, in the scheme of things, there was a small mountain house on this very site, owned by a builder with an insatiable enthusiasm for the grand architecture and craftsmanship of a by-gone era. Garry Morgan, Master Builder, has spent some 20 years collecting and integrating historical materials and complete elements into an ambitious and fascinating architectural masterpiece that can aptly be designated as a castle. Winning the MBA Builder of the Year award for North East Victoria in 2007 is testament to the quality and complexity of the building…. Running Creek Castle Website.
Running Creek Castle, Kankoona sounds a great place; it seems no expense has been spared in Mr Morgan's desire to make a grand statement. Ostentatious? Well who builds a castle these days without some or just a little propensity to vainness. It might be the ideal place to hide does it have dungeons and the like, replica medieval armaments and suits of armour at every turn. It would go to forget about things. And should anyone attack by more traditional methods such as battering rams, catapults and ladders then they will no doubt be repelled. The trouble it seems for Mr Morgan is not so much someone fearful of the walls of Running Creek Castle being breached but more in the fear of numerous tradespeople and suppliers laying in wait for him to express their outrage.
It seems Mr Morgan has already been assaulted by a disgruntled person, no doubt owed money.
It seems that it's not the first time Mr Morgan's business interests have gone down the gurgler. Then again one supposes in the boom conditions everyone got a little bit feverish and like everything else it reflected the easy credit available. Tony Grieves the liquidator will go over the accounts and liquidate any assets into cash. As in the case in such liquidations, the liquidator has first call on the cash he may possibly find. This apparently is a voluntary liquidation so obviously any fee must have been agreed upon which would be hidden behind other considerable assets Mr Morgan has amassed since he last went bankrupt or was it voluntary liquidation. In this instance the amount that can be claimed for professional services is $58,000. The creditors have to agree to it but what choice do they have?
That's the trouble of course is that Mr Morgan's suppliers and tradesmen as they amassed more debt supplying the goods and services. When do you stop? Suddenly you owe $10 thousand $20 thousand. The next thing you are up to your eyeballs in debt. How long in the current economic downturn does a family business have to work to make good a $200 thousand dollar debt? Years.
Mr Morgan should be able to rest easy in his castle, the battlements manned with cameras and other things. Mr Morgan will take to his bed the door secured by a large pike, a longsword resting against his bedside table.
The grounds of "The Castle" have also evolved over time to create a beautiful garden setting with appropriate scale and formality to complement the magnificent building. There are many wonderful nooks, clipped hedges, fountains and points of interest to explore. A large lake reflects the surrounding mountain-scape that also befits the grandeur of the property.
Rumour has it that Mr Morgan has spirited away a few quid for a rainy day sufficient to enable a comfortable existence. He also owns Adamshurst, one of Albury's original mansions which he meticulously restored to its former grandeur.
One would suppose that after the two rather imposing assets still in his possession that the odds and ends being the flats and houses he also owns are just a bit of loose change. Still it all adds up. Some people have told Borderline that Mr Morgan's net wealth could be ten million dollars or more. All securely locked away from the outstretched hands of those who have supplied him with their labours and goods. They won't get a shilling out of this little hoard, nor are they legally entitled to because what Mr Morgan has done is entirely legal. No doubt Mr Morgan's accountant whoever he or she may be will be congratulating themselves for their skill and prowess in arranging Mr Morgan's financial affairs.
You could ask if what Mr Morgan did was morally and ethically reprehensible, he blamed the highly competitive nature of the building game due to the economic downturn. He was expecting a bit of the Federal Governments stimulus package to come his way but it never. Seems like Mr Morgan was operating on a wing and a prayer not that we are for a moment suggesting he is a religious man.
That's the thing about going to the wall - the smart ones always end up with a little something tucked away. Look at Eddy Groves, just a month or so back the Sydney Morning Herald reported that ASIC succeeded ' in freezing assets worth millions of dollars that are held by a mysterious discretionary trust it believes is the ''alter ego'' of the former ABC Learning chief, Eddy Groves.' There's a lot that do it, and do it very successfully. Fast Eddy just got too greedy.
While ASTIC has been notified of Mr Morgan's couple of million debt it would be highly unlikely to do much about it. When you go into voluntary liquidation you prepare yourself, make sure all the i's are dotted and all the t's are crossed and everything is above board.
