Sydney budding pub baron Jon Adgemis declares bankruptcy
Jon Adgemis, the dashing management consultant who planned to become a major force in Sydney’s hospitality world, declared that he was seeking bankruptcy on Thursday, abandoning a deal that would have given creditors a tiny fraction of the $1.8 billion they are owed.
“I take responsibility for the position that has been reached,” Mr Adgemis said in written statement. “I am deeply disappointed that my broader vision for the group did not come to fruition, and that, despite sustained efforts, I was unable to deliver a better outcome for creditors.”
Those owed money include the tax office, Carlton & United Breweries, Deutsche Bank and a Monaco-based clothing manufacturer, Richard Gazal.
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By continuing you agree to our Terms and Privacy Policy.Aged around 46, Mr Adgemis emerged as a figure on Sydney’s social scene when he started buying hotels across Sydney several years ago, including the Town Hall hotel in Balmain and the Empire Hotel in Annandale.
Living in the wealthy suburb of Point Piper, he dated models and drove a Maserati, Range Rover a Mercedes-Benz G63 AMG.
How he was allowed to rack up such huge debts with only 22 properties is unclear. His offer to pay back $2.6 million, or 0.14 per cent of what he owed, was initially accepted by several creditors.
Others wanted to bankrupt him, which would impose tough restrictions on his lifestyle, including seeking permission for international travel and being restricted to owning a car not worth more than $9600.
On Thursday he promised to “cooperate fully” with the accountants and bankers now in charge of what were his assets.
