Jon Adgemis borrowed more than $135 million against a single property in Sydney’s southern suburbs valued at just $4.5 million as the former dealmaker turned hospitality entrepreneur built up a pile of debt that stretched beyond $1.7 billion and ultimately bankrupted him.

The enormous borrowings against the Hurstville property, now nothing more than a pile of rubble, are among the details revealed in a 35-page report circulated to creditors, which reveals liquidators believe the businessman’s companies traded while insolvent before becoming the biggest personal bankruptcy, in nominal terms, since Alan Bond in 1992.