Childcare ex-mogul 'homeless'

EDDY Groves once owned property across three continents, but now the bankrupt childcare tsar says he is homeless - although he expects to find a permanent address "in the next two weeks".

EDDY Groves once owned property across three continents, but now the bankrupt childcare tsar says he is homeless - although he expects to find a permanent address "in the next two weeks".

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.

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