Tyre entrepreneur Bob Jane bankrupt

The founder of Bob Jane T-Marts has declared himself bankrupt. Jane opened his first store in Melbourne in 1965 and at one stage was estimated to be worth more than $100m.

Now the businessman and former race car driver who was inducted into the V8 Supercar hall of fame has hit financial rock-bottom, claiming to have just $15.

Jane declared bankruptcy on 8 July, 2016, following a petition filed by his former friend Harold Mitchell.

According to Fairfax, Jane has run up considerable debts: he owes $200,000 to Mitchell, $2.9m to unsecured creditors and $105m to the Australian Taxation Office for capital gains tax.

Bob Jane claims to be owed $5m from the AFJ Property Group and a monthly fee of $50,000 from the Bob Jane Corporation, now run by his son Rodney.