Loan with 90% rate for resort, court told

The site was cleared for the $46 million development, the plans were drawn up and approved, the builder was about to start work.

But Malcolm Edwards had just one little problem - he didn't have the money.

The Supreme Court heard yesterday how the veteran entrepreneur desperately tried to raise a loan for the project that could prove his last hurrah - a resort on the banks of the Murray River at Mulwala, near Yarrawonga.

It is more than five years since the project collapsed in a mire of debt and angry recriminations, but corporate watchdog ASIC believes Edwards was trading while he knew the project was insolvent - a breach of the Corporations Law - and is seeking an order to ban him from running any more companies.

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