The trustee for the bankrupt estate of the former Sydney pub baron, has been appointed by order of the Federal Court today, Friday, 3 October 2025.
Agdemis declared bankruptcy on Thursday, after the collapse of his Public Hospitality pub group, owing creditors and suppliers over $1.8bn.
In a statement today, Pitch Partners said: “Andrew Yeo was appointed as the trustee of the Bankrupt Estate of Jon Angelo George Adgemis by Order of the Federal Court on Friday 3 October.
“The trustees and his staff will now commence their detailed investigations in relation to the bankrupt estate. This will include 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 approximately four weeks from the appointment.”
Today the Australian Financial Security Authority (AFSA) and the Inspector-General in Bankruptcy welcome the Federal Court’s decision to declare Jon Angelo George Adgemis bankrupt by a sequestration order.
Her Honour Justice Raper ordered that a sequestration order be made, declaring Mr Adgemis bankrupt as of 18 November 2024. Where costs were sought, Her Honour awarded that they be paid from Mr Adgemis’s estate.
AFSA Chief Executive and Inspector-General in Bankruptcy said: “The decision of the court is an important step in maintaining the integrity of the personal insolvency system.
“Mr Adgemis owes approximately $1.8bn, yet his personal insolvency agreement offered $3m, returning only 0.15 cents in the dollar to creditors, significantly below the average return in bankruptcy cases.
“Bankruptcy provides a longer period in which these debts can now be properly investigated and assets identified, and this will be done by the trustee nominated by the Deputy Commissioner of Taxation.
“AFSA raised serious concerns about the fairness and public interest implications, noting that creditors include the ATO and the broader Australian community.
“This outcome underscores the importance of proportionate and purposeful regulation, and AFSA’s commitment to protecting creditor interests and maintaining trust in the insolvency system.
“The manipulation of personal insolvency proposals and creditor meetings to protect wealth is a priority area for 2025-26 under AFSA’s Regulatory Action Statement.
“The Inspector-General will continue to act decisively against misuse.”
Agdemis’ move to declare bankruptcy came after five Sydney more pubs and accommodation venues were place into receivership earlier this week.
In statement on Thursday, about the bankruptcy Agdemis said he took full responsibility for the collapse of Public and “the position that has been reached”.
He added: “I am deeply disappointed that my broader vision for the group did not come to fruition, and that, despite sustained efforts, I was unable to deliver a better outcome for creditors.
“The collapse of the restructuring process means that arrangements intended to benefit creditors, including employees, could not be completed.
“I accept the process now in place, I accept the trustee’s appointment, and I will co-operate fully so the process can run its course.”
Agdemis said he had been working to secure a Personal Insolvency Agreement (PIA) to try and stave off bankruptcy, but that process triggered the expiry of a loan agreement for the five pubs.