A COMPANY set up by controversial AFL Hall of Fame champion Wayne Carey has gone into administration with debts of more than $100,000.
The former North Melbourne premiership star - once the AFL's highest-paid player - told a liquidators meeting that Carey Sports Pty Ltd was unable to pay its debts after his media career crumbled in the wake of a string of high-profile scandals.
Documents obtained by the Sunday Herald Sun show the company was wound up last week, a year after Carey changed its name and placed it under voluntary administration with debts totalling $115,308.39.
His ex-wife, Sally Carey, was owed $50,000 as the company's biggest unsecured creditor.
The company's only listed asset was a $22,000 BMW car.
It also owed the Australian Taxation Office $46,308.39. Carey said last week the move was nothing more than a restructuring of his business interests.
"My finances are fine, mate," he said.
"I was advised by my advisers to clean up my structure and that's what I have done."
Carey said all of Carey Sports Pty Ltd's debts had been "fixed up".
Minutes of a meeting held in October last year show Carey told liquidator Paul Vartelas that the company was unable to meet its debts.
"Carey Sports Pty Ltd was an entity used as a vehicle for myself to earn media income - advertising etc," the minutes quote Carey as saying.
"Due to personal issues, all job offers dried up or were not offered (and) as from (sic) 2007, the company was unable to meet its tax debts and other debts owed."
The retired champion was dumped by the Nine Network and 3AW in January 2008, days after Victoria Police used capsicum spray to subdue him following an altercation at his Port Melbourne apartment.
Carey was charged with assaulting police. Within days of the charges being laid, the Herald Sun revealed he was facing further strife in the US where he was accused of assaulting police, resisting arrest and aggravated battery of his then-partner, Kate Neilson.
Other creditors left out of pocket when Carey Sports Pty Ltd folded include an Essendon accountant and Macs Sports Promotions, the company of his former manager Anthony McConville.