A crucial vote on Jon Adgemis’ proposed personal insolvency agreement has been pushed back to October 9, after his bankruptcy trustees adjourned last Friday’s creditors’ meeting without a resolution.
The embattled publican, who owes around $1.8 billion, had put forward a deal that would return creditors just 0.15 cents in the dollar, partly funded by a $3 million contribution from his mother and sister.
The Australian Financial Security Authority (AFSA) intervened, warning trustees Scott Pascoe and Benjamin Ho they risked fines of $39,600 or up to two years in jail for failing to conduct adequate investigations or meet communication standards.
AFSA’s inspector-general Neville Matthew said the trustees’ handling…