Sydney pub baron Jon Adgemis has been declared bankrupt owing more than $1.8bn to suppliers and creditors.
Mr Adgemis filed a petition to seek bankruptcy on Thursday, but this was rejected by the Federal Court with the date set back to 18 November 2024 at a hearing on Friday.
While Mr Adgemis sought to go down the path of voluntary insolvency on Thursday, the ATO and Australian Financial Security Authority successfully overturned that and instead secured a court-imposed bankruptcy today.
The matter was first started by an application by Richard Gazal on September 29 before being taken over by the tax office.
It follows a lodgement from the Australian Taxation Office where they planned to recoup $162m in tax obligations.
Justice Raper…