Jon Adgemis, the dashing management consultant who planned to become a major force in Sydney’s hospitality world, declared that he was seeking bankruptcy on Thursday, abandoning a deal that would have given creditors a tiny fraction of the $1.8 billion they are owed.

“I take responsibility for the position that has been reached,” Mr Adgemis said in written statement. “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.”

Those owed money include the tax office, Carlton & United Breweries, Deutsche Bank and a Monaco-based clothing manufacturer, Richard Gazal.

Aged around 46, Mr Adgemis emerged as a figure on Sydney’s social scene when he started buying hotels ac

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