Jon Adgemis faces $1.8 billion bankruptcy after hospitality empire collapse

Jon Adgemis, the former KPMG partner and founder of Public Hospitality Group, has faced bankruptcy following the collapse of his entertainment empire, which left debts totaling $1.8 billion. The collapse has triggered a Federal Court examination involving liquidators from BRI Ferrier to investigate the downfall of his business empire.

Adgemis had expanded his holdings to include 22 entertainment venues across Sydney and Melbourne, largely funded by debt and investor capital based on high valuations. The Australian Taxation Office (ATO) has been investigating his businesses for several years, including a raid on his offices in 2024.

The ATO is currently examining approximately $1 billion in spending by one of Adgemis’ companies, alleging the receipt of $77 million in GST refunds through a sham tax arrangement. As part of the debt recovery process, high-value assets including luxury cars and the yacht Hiilani have been sold.