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Hermes MD faces bankrupcy over unpaid loans

by Staff Reporter7 minute read
The Adviser

Karen Upton Baker and husband Gary Baker have been served with a bankruptcy notice from Challenger, after failing to pay either principal or interest on two home loans according to the Daily Telegraph.

In 2007 Ms Upton Baker, the managing director of luxury brand Hermes, borrowed $5.8 million against her Elizabeth Bay apartment and $11.3 million against four apartments overlooking Bondi Beach.

Mortgage Business first reported on the matter in October when Ms Upton Baker faced court over her failure to repay $18 million in loan repayments.

Ms Upton Baker said the mortgage repayments were unjust and should be set aside.

She said she was at a ''special disadvantage'' because she was pressured by her husband into signing the loans and did not earn enough to repay them. She also admitted she did not read the terms and conditions of her mortgages and that she falsely declared she had received financial and legal advice before she took out the loans.

Ms Upton Baker was in court again today, contesting the subsequent bankruptcy notices.

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