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UPDATE: Pitcher Partners executive director Andrew Yeo has been appointed as trustee of the bankrupt estate of Jon Adgemis by order of the Federal Court.
Yeo and his staff will now commence detailed investigations in relation to the bankrupt estate, including a review of any investigations already undertaken by the controlling trustees, an interview of the debtor and other parties and relevant investigations into associated entities and structures.
An initial report to creditors is expected to be released by the trustees in about four weeks.
Former KPMG dealmaker and under-siege publican Jon Adgemis has declared bankruptcy, owing more than $1.8 billion.
The move follows the decision by the Australian Taxation Office to pursue Adgemis…
In today’s news, publican Jon Adgemis declares bankruptcy, IFM Investors is shutting its $1 billion private equity unit, and Optus is among the companies paying zero corporate tax.
Embattled Sydney pub baron Jon Adgemis may still face a public grilling over his $1.8 billion failure when liquidators question him in court about what went wrong, despite the shock move to bankrupt himself on Thursday.
Adgemis filed for bankruptcy owing more than $1.8 billion, avoiding a showdown with the Australian Taxation Office in the Federal Court on Friday – an ignominious fall from grace for the former KPMG dealmaker who once advised WIN television owner Bruce Gordon and rich-list retailer Jan Cameron.
The South Korean government launched its new long-term debt relief program, the Bad Bank (New Leap Fund), on Wednesday, with 840 billion won ($599 million) in funding. Through this initiative, about 1.13 million debtors are expected to have a total of 16.4 trillion won in debt written off.
The Financial Services Commission and the Korea Asset Management Corp (KAMCO) held the official launch ceremony for the fund in Seoul.
In his congratulatory speech, FSC Chairman Lee Eog-weon noted that the fund is not merely about debt cancellation.
“It is about supporting the recovery of those who have lost repayment capacity, thereby restoring a virtuous cycle in our…
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The company ran into difficulties with loss of trade due to the Covid pandemic.
Production disruption was worsened by flooding at its factory in 2023, which caused extensive damage and forced the firm to replace a key piece of machinery.
