Pub baron's lavish lifestyle while owing $1bn criticised
These were perhaps among the reasons his attempt to settle a reported $1.5bn in debts at a meeting of creditors on Friday were blocked.
The Australian Tax Office reportedly wrote to bankrupty trustee WLP Restructuring, unhappy that the taxpayer was likely to see just 0.17c in the dollar.
Sandilands plans $2.5m 'kid-proof' hideway
The taxpayer would probably just see $275,347 against the close to $162m it's owed.
'It's not apparent from the context of the report whether the controlling trustees have engaged in meaningful discussions with the debtor for a return to creditors, beyond the meagre sum being offered,' wrote deputy commissioner Julian Roberts, according to The Australian.
He said that was relevant since Adgemis was residing in a Bondi apartment with a $60k rental, 'the apparent access to monies and lifestyle not befitting an individual indebted for over $1bn and purporting to rely on relatives funds to provide creditors any return on their debts.'
Mr Adgemis would avoid bankruptcy and allow him to remain a company director if 75 per cent of his creditors by dollar value accept his deal.
But the Australian Financial Security Authority, which oversees bankruptcies, surprised the meeting of creditors by appearing in a video link.
It put any resolution on on hold for a month, with the national manager Neville Matthew telling the meeting that the authority was yet to decide if there were 'contraventions of the bankruptcy act' but the inspector general was concerned about a report by the bankruptcy trustee.
In a restructuring report for creditors, Mr Adgemis reported $3.79 in his bank account.
One of the creditors, Adelaide-based Angas Securities, who's owed nearly $18.5m, was happy with Friday's outcome.
'I'm gratified by the Inspector General taking a robust review,' said Angas Securities' executive chairman Andrew Luckhurst-Smith.
Angas Securities stepped in last April to seize the apartment building on Campbell Pde, which formed part of Adgemis's $68.5m purchase of the Noah's Backpackers site in June, 2022.
Mr Luckhurst-Smith is now planning to put the apartment building up for sale in spring, and is keen for Mr Adgemis to retain control of the revamp of the neighbouring site, now known as South Bondi Hotel.
Waverley Council approved the plans, which will include a rooftop bar, in February this year.
'It will have the best view in Bondi, straight down the beach,' Mr Luckhurst-Smith said.
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