Court had banned VC firm chairman from running mum’s estate
The executive chairman of a venture capital firm that marketed services to rich prospective migrants had been branded not “fit and proper” by a court to oversee his deceased mother’s estate.
The court criticisms of Terry Timms contrast with the glowing profiles of his business acumen on Brisbane-based Estrala Capital and Advisory’s website, which is now subject to lawsuits from people unsuccessful in obtaining venture capital visas.
Terry Timms
Timms, now 70, resigned from Estrala’s board in April last year. But searches by The Australian Financial Review show he was listed as the sole director of a new wealth management firm a month later, and its archived website indicated the new firm had considered high net-worth migrants as clients, although a consultant says it ultimately never won such work.
Mr Timms declined to answer queries.
NSW’s Supreme Court in 2010 found Mr Timms had taken out mortgages on land in his mother’s $3.99 million estate to secure loan advances from NAB without authorisation. Another unauthorised action was Mr Timms obtaining mortgages to secure guarantees for two of his brothers, the court said.
The court also heard he had legal advice that transferring assets could expose him to liability for a breach of trust but “did not follow this advice”.
These actions were among evidence, in a case brought by Mr Timms’ other brother and sister, that prompted acting judge Brian Tamberlin in 2010 to strip Mr Timms from overseeing the estate.
He said Mr Timms had put the “proper administration of this estate in jeopardy, and that, his actions, omissions and failure to accept legal advice, confirm he is not a fit and proper person” to carry out duties of executor.
This finding did not legally prevent him from
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