Former KPMG dealmaker turned pub mogul Jon Adgemis is almost $1.5 billion in debt and has just $3.79 in the bank, according to a damning bankruptcy report.
According to The Daily Telegraph, Adgemis has proposed a rescue plan offering creditors just 17 cents per $1000 owed, with a $3 million contribution from his family.
The report reveals Adgemis’ sprawling debt includes $80 million owed to the ATO and significant liabilities to both secured and unsecured creditors.
Assets include three luxury vehicles (two financed), designer clothing, and $9 million in property – much of it disputed or seized.
His pub empire, once spread across Sydney and Melbourne, is now heavily leveraged, with claims parts of it operated insolvently for years. Administrators say creditors are unlikely to recover anything under bankruptcy.
The proposed deal will be voted on 1 August.
Source: The Daily Telegraph
