Federal Court rules liquidator to get $800,000 from sale of property portfolio linked to Newcastle fraudster Lemuel Page

The Federal Court ruled late last month that almost $800,000 from the surplus of the liquidation of Fiona Page's Parkway One Pty Ltd be paid to PriceWaterHouse Cooper's liquidator Andrew Scott.

The company was placed in the hands of Mr Scott in 2019 and three Newcastle properties were sold for about $6 million, with $2.28 million in surplus after secured creditors were paid.

The property portfolio included Page's former King St apartment that overlooks Newcastle Beach and a 54-room boarding house in Parkway Avenue, Cooks Hill.

Since the sales, a dispute has erupted over the excess funds, as Mr Scott attempts to ensure Parkway One's unsecured creditors, still owed about $200,000, receive a return.

The Newcastle Herald reported last month that Ms Page and her ex-husband's long-term friend, former dot.com rich lister Theo Baker, are fighting over the remaining $1.485 million.

The pair are at odds over a series of loans and if they have been repaid.

A 10-day hearing is expected to be held in Sydney next month to settle the dispute.

Mr Baker, who was instrumental in helping Page avoid 12 months' jail in 2018 on a fraud conviction, appointed receivers to two companies last year in an effort to recover money he claims his company, CL Assets Holdings, is owed.

The companies, Shyzi Pty Ltd and Ohmut Pty Ltd, are also controlled by Ms Page, who remains a close associate of her former husband.

It's understood Ms Page insists the loans to CL Assets Holdings have been repaid.

Page was convicted of fraud in July 2017 for selling a friend a fake diamond ring for $85,000 and the Newcastle Herald revealed how dozens of Hunter investors and tradespeople lost money to the scam artist.

Mr Baker was one of nine people to supply character references to Judge Julia Baly, SC, in the Sydney District Court in 2018 that were instrumental in helping her form the opinion that Page was of "good character" and selling the fake diamond ring to a close friend was "out of character".

Mr Baker's reference detailed how the pair met in 1996 and went on to become friends.

"During the 20 years that I have known and had business dealings with Lemuel Page, I have found him to be honest and reliable and have never had any reason to question his integrity or motives," Mr Baker wrote.

Page's web of deceit, stretching back decades, involved failed investments and scams that left him owing friends, former associates and family of his ex-de facto more than $17 million.

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