Andrew Leigh cites Adgemis case as government targets insolvency rules

Assistant Minister Andrew Leigh used the Jon Adgemis matter to underscore the Albanese government’s push to clamp down on manipulation of the personal insolvency regime, warning that cases involving unrealistic returns, false creditors, and engineered voting will face firmer scrutiny to protect the integrity of Australia’s insolvency framework. More from Smart Company (free login required).

Meanwhile, creditors have learned that Jon Adgemis’ personal estate is propped up by more than $135 million in borrowings secured against a Hurstville property worth only $4.5 million, with a Pitcher Partners report detailing extensive related party payments, potential insolvent trading, and investigations into fund movements as his sprawling hospitality group collapses into one of Australia’s largest personal bankruptcies in decades. More from AFR (subscription required).