Sydney pub baron Jon Adgemis’ business empire is under further strain after a key company, Public Hospitality Operating Co, collapsed into liquidation owing $123 million to the tax office, with liquidators unable to locate assets once valued at more than $1.29 billion.
Liquidator Tim Cook of Balance Insolvency said records explaining the purpose of the debt or substantiating previously declared assets were missing.
He reported “some evidence to suggest that the company traded whilst insolvent,” though Adgemis denies this.
At its peak, Adgemis’ Public Hospitality Group controlled 22 pubs and hotels across Sydney and Melbourne, backed by private lenders.
A separate bankruptcy report shows he owes $1.8 billion in…