'Homeless' Groves lists debts of $21.6m
In a statement of his financial affairs provided to Insolvency and Trustee Service 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 a $2.5 million Nevada property, a $106,250 share of an investment unit in the Canadian ski resort Whistler and an $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 his wife Viryan Collins Rubie for $220,000 in 2010, and a Honda CRV, sold through carsales.com.au in 2011 for $12,000.
But the statement reveals he still holds life insurance and trauma policies worth $18 million issued by an 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 ex-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.
Mr Groves owes his family and friends 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.
Mr Groves was bankrupted by the Commonwealth Bank a fortnight ago over a $7.9 million loan used to buy the Adelaide Dome, now known as the Adelaide Arena, in 2008.
Frequently Asked Questions about this Article…
Eddy Groves is the former chief executive of ABC Learning. The article reports on his personal bankruptcy filing and a statement of financial affairs that lists debts of $21.6 million following the spectacular collapse of the ABC Learning group in 2008.
Groves' statement lists total debts of $21.6 million, including more than $1.5 million owed to family and friends, $8.7 million to Iconic Properties, and loans from major banks detailed elsewhere in the filing.
According to the filing, Groves claims no cash, no vehicles and no land, with just $38.79 held across two NAB accounts. He still holds life and trauma insurance policies worth $18 million issued by OnePath (an ANZ subsidiary) and a self‑managed Butterfly superannuation fund with $213,916.
The statement mentions Westpac, which lent Groves at least $5 million (including funds for a Cessna Citation jet), and the Commonwealth Bank, which bankrupted him over a $7.9 million loan used to buy the Adelaide Dome (now Adelaide Arena) in 2008. His small bank accounts are with NAB.
The filing notes several sold assets: a $2.5 million Nevada property, a $106,250 share of an investment unit in Whistler (Canada), an $855,000 house in Chantilly (France), four Harley Davidson motorcycles sold for $77,500, a 2005 Mercedes SL6 sold to his wife for $220,000 in 2010, and a Honda CRV sold in 2011 for $12,000.
Yes. The statement lists $10,000 worth of sporting memorabilia, but it is in the possession of his ex‑wife Le Neve, who co‑founded ABC Learning.
Groves claims he is currently homeless but expects to find a permanent address 'in the next two weeks.' His last listed address is a beachfront property on the Gold Coast, which property records show is owned by his current wife.
The article highlights how the collapse of a major childcare business (ABC Learning) and subsequent personal bankruptcies can involve large bank loans, creditor actions and asset sales. For everyday investors, it underscores the importance of monitoring corporate collapses, lender exposure (banks named include Westpac and Commonwealth Bank) and how high‑profile business failures can ripple into personal insolvency stories.
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