Lobster Cave owner tables last-minute deal to avert bankruptcy
Melbourne restaurateur Vasilios Fergadiotis, better known as Bill Ferg or just Ferg, has lodged a last-minute proposal to creditors in a bid to avoid bankruptcy and resolve debts exceeding A$7 million.
The proposed personal insolvency agreement was submitted just two days before Fergadiotis was due to appear at a Federal Court bankruptcy hearing in Melbourne. If creditors reject the offer, the long-standing owner of Beaumaris’ Lobster Cave restaurant could be declared bankrupt, prompting his resignation from directorships and relinquishment of shareholdings across several companies.
Insolvency practitioners Paul Langdon and Ian Grant of LangdonGrant, appointed as trustees of the proposed agreement, assumed control of Fergadiotis’ financial and property interests less than a fortnight ago. They have disclosed a creditor list comprising 34 parties, with claims totalling approximately A$7.1 million.
Notable creditors include American Express (A$80,766), Flexi Commercial (A$79,238), Shift Financial (A$260,000), and Saputo Dairy Australia (A$494,464). Pasta brand San Remo, owed more than A$76,000, has joined legal proceedings as a supporting creditor in a separate bankruptcy action valued near A$1 million.
Fergadiotis is also listed as a creditor, asserting claims of nearly A$2 million through entities such as Lob Nominees (A$1.6 million) and The Ferg Group (A$415,000). Lob Nominees owns the Lobster Cave business name and website.
Property records indicate he holds no real estate under his own name. A Black Rock home formerly held by Lobster Cave Nominees was transferred to six parties, including family members, in 2021 and later sold for A$2.8 million. Another Ferg-linked property on Beach Road in Beaumaris fetched A$3.4 million in June.
Fergadiotis has served as director of five active businesses and three now-defunct firms.
All legal proceedings against him have been paused pending the outcome of the creditor vote.
He told the Herald Sun that the decision to propose the personal insolvency agreement “was not made lightly”.
“(It) follows a prolonged period of economic challenges, particularly in the hospitality industry,” he said.
“It is a personal matter and does not encompass any other entities.
“I accept full responsibility for my financial position and am committed to managing it with professionalism and transparency.
“This is a humbling experience, and I approach it with humility, gratitude for the lessons it brings, and a commitment to handle it with dignity and integrity.”
He said in the meantime it was “business as usual”.
“Despite the challenges, I remain focused on moving forward and doing so in a way I can be proud of,” he said.
Jonathan Jackson, 9th April 2025
