Childcare ex-mogul 'homeless'
In a statement of his financial affairs provided to Insolvency Trustee Services Australia, the former ABC Learning chief executive lists debts of $21.6 million.
The fallen multimillionaire claims to have no cash, no vehicles, no land and just $38.79 in the bank, held in two accounts at NAB's Robina branch, in the Gold Coast hinterland.
Long gone are an opulent $2.5 million Nevada property, a $106,250 share of an investment unit in Canadian ski resort Whistler and a $855,000 house in Chantilly, north of Paris.
Also gone are four Harley-Davidsons, sold to Brisbane's Heavy Duty Motorcycles for $77,500, a 2005 Mercedes SL6, sold to wife Viryan Collins-Rubie for $220,000 in 2010, and a Honda CRV, sold through carsales.com.au in 2011 for $12,000.
However, the statement reveals he still holds life insurance and trauma policies worth $18 million issued by ANZ subsidiary OnePath while his self-managed Butterfly superannuation fund holds $213,916 - although he has not made a contribution for five years.
There is also $10,000 worth of sporting memorabilia, but it is in the possession of his former wife Le Neve, who was a co-founder of the ABC Learning childcare business.
He gives as his last address a beachfront property in the Gold Coast, which property records show is owned by his current wife.
The statement, filed on Monday, shows that less than a year after the spectacular collapse of the ABC Learning group in 2008, Westpac lent Mr Groves at least $5 million, including an unspecified sum for a Cessna Citation jet.
In addition, Mr Groves owes Westpac $209,000 on four credit cards and owes his family and friends, including brother-in-law Frank Zullo, more than $1.5 million.
He also claims to owe Iconic Properties, a company of which he was a director until late 2009, $8.7 million.
Transactions with related parties are likely to be investigated by Mr Groves' trustees in bankruptcy, PPB Advisory partners Mark Robinson and Andrew Scott.
Mr Groves was bankrupted by the Commonwealth Bank a fortnight ago.
Frequently Asked Questions about this Article…
Eddy Groves is the former chief executive of ABC Learning. According to a statement of his financial affairs, he listed debts of about $21.6 million and was bankrupted a fortnight ago by the Commonwealth Bank following the collapse of the ABC Learning group.
The statement shows Groves holds life insurance and trauma policies worth about $18 million issued by ANZ subsidiary OnePath, and his self‑managed Butterfly superannuation fund contains roughly $213,916 (with no contributions for five years). He also has $38.79 in two NAB accounts and sporting memorabilia valued at $10,000 that is currently with his former wife.
Groves reported total debts of around $21.6 million. The statement notes Westpac lent him at least $5 million (including funds for a Cessna Citation jet) and he owes Westpac about $209,000 across four credit cards. He also owes family and friends more than $1.5 million and lists an $8.7 million debt to Iconic Properties.
Many previously owned assets have been sold. The filing notes a former $2.5 million Nevada property, a $106,250 share in a Whistler investment unit, and an $855,000 house near Paris are gone. Four Harley‑Davidsons were sold for $77,500, a 2005 Mercedes SL6 was sold to his wife for $220,000 in 2010, and a Honda CRV was sold via carsales.com.au in 2011 for $12,000.
Yes. The article says transactions with related parties are likely to be investigated by Groves’ bankruptcy trustees. The trustees named are PPB Advisory partners Mark Robinson and Andrew Scott.
Trustees in bankruptcy from PPB Advisory (Mark Robinson and Andrew Scott) are expected to examine Groves’ affairs, including related‑party transactions. Creditors can expect the trustees to review assets, liabilities and historical transactions as part of the recovery and administration process.
Yes. His self‑managed Butterfly superannuation fund holds about $213,916, but the filing notes he has not made a contribution to that fund for five years.
The filing highlights the personal financial fallout for ABC Learning’s former CEO, including large debts and asset disposals. For everyday investors, the case underscores risks tied to corporate collapses: major lenders and trustees become involved, assets can be sold to repay creditors, and related‑party dealings are likely to be scrutinised by bankruptcy trustees.
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