Eddy Groves declared bankrupt

Former childcare mogul Eddy Groves has been declared bankrupt while on a holiday overseas.

Mr Groves, 46, failed to appear at the Federal Magistrates Court in Adelaide, prompting Registrar Patricia Christie to pursue a sequestration order against him.

As outlined under the Bankruptcy Act, a sequestration order results in a person being declared bankrupt based on a creditor's petition or other application.

Photos: The biggest Aussie busts of last year

According to Fairfax reports, Mr Groves was being pursued by the Commonwealth Bank over a $5 million loan he took out to buy the Adelaide Dome.

He also faced off an attempt by Westpac to recover $340,000 used to buy equipment for his Brisbane helicopters business

Also known as Fast Eddy, Mr Groves was the founder of failed childcare operator ABC Learning that ran 2,400 child care centers over three continents.

Fast Eddy drove flashy Ferraris, owned a helicopter business, a basketball team (Brisbane Bullets) and had a multi-million-dollar property portfolio.

At the peak of his fortune, he was worth $295 million and featured on the BRW Rich List.

Groves’ troubles began when ABC Learning collapsed in 2008 owing creditors $1.6 billion and forcing the sale of 1200 childcare centres.

The government was forced to spend $22 million of tax payers’ money to prop up centres that were threatened.

Have your say at our Facebook page