Adgemis tries to dodge bankruptcy, appoints trustee to his assets

Primrose Riordan, Max Mason and Sarah Thompson

Updated Jun 24, 2025 – 4.55pm, first published at 12.00pm

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Jon Adgemis is attempting to avoid bankruptcy by convincing his creditors to accept a personal insolvency agreement after the former KPMG dealmaker turned hospitality baron signed his assets over to a trustee.

Monaco-based businessman Richard Gazal has been trying to bankrupt Adgemis in a dispute over $26 million in debt and interest. On Friday, as Gazal pursued him for payment, Adgemis signed his property over to WLP Restructuring, according to the national personal insolvency register.

Primrose Riordan covers private companies and family offices from the AFR's Sydney newsroom. Primrose was previously a correspondent for the Financial Times and covered foreign affairs and politics in Canberra. Primrose has won multiple awards for her journalism including from The National Press Club, SABEW in the US and Press Gazette in the UK. Message Primrose on Signal: https://tinyurl.com/PrimroseSignal

Max Mason covers financial crime, courts and corporate wrongdoing. A Walkley Award winner, Max’s journalism has also received awards from the National Press Club of Australia, the Kennedy Awards and Citibank. Message Max on Signal https://tinyurl.com/MaxMason

Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.