Damien Costas, the publisher of Penthouse Australia magazine, has been declared bankrupt by the Federal Court following action taken by Australian print management company TMA Australia Pty Ltd over $172,000 in debts.
TMA Australia, which prints the pornographic magazine, took its fight against Costas over the outstanding debts to the Federal Court last year, a move which risked sending Costas into bankruptcy.
Federal Court of Australia orders, published on March 20 2019, rule the the estate of Damien Costas be sequestrated under the Bankruptcy Act, with $20,558 in legal costs ordered to be repaid to TMA from that estate.
A request for an adjournment by Costas was also refused with David John Kerr signed as the trustee of the estate.
With Costas’ estate now in the hands of a trustee, it is unclear when TMA Australia will receive their money they are owed.
TMA Australia has been contacted for comment but ProPrint was still waiting to hear back at the time of publication.
Costas has also been caught in other legal disputes over money, with him being chased for outstanding fees regarding the Australian tour for alt right rallying figure Milo Yiannopoulos that he promoted. Sydney publicist Mark Maxson is chasing $60,000 for his work on the tour, along with claiming Coastas owes $16,000 to a Melbourne venue there Yiannopoulos appeared.
TMA, established in 1990, handles print management but also has some production capacity, printing labels, tags and packaging.
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