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2h ago

Jon Adgemis Says He Will Seek Bankruptcy as Receivers Take Over Five Pubs

The move follows lender seizures of key venues under receivership as the tax office pursues major unpaid liabilities.

Failed Sydney businessman Jon Adgemis in 2022.
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Overview

  • Adgemis announced he will seek bankruptcy and abandoned a proposed creditor deal, saying he would cooperate with those now managing his assets.
  • KordaMentha and McGrathNicol have taken control of five venues after lender support was withdrawn, signaling the collapse of Public Hospitality Group.
  • The seized sites are the Empire Hotel (Annandale), Hotel Diplomat (Potts Point), Claridge House (Darlinghurst), The Exchange Hotel (Balmain) and the South Bondi Hotel.
  • McGrathNicol says the Empire Hotel and Hotel Diplomat will keep trading during receivership, with a sales strategy being prepared for both properties.
  • The ATO is acting as lead petitioner over large tax debts, with a Federal Court bankruptcy hearing previously scheduled for October 3.