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Eddy Groves down 'to his last $39'

Yahoo!7 Finance
Former ABC Learning Centres boss Eddy Groves has lost a court battle with the Commonwealth Bank

Former childcare mogul Eddy Groves says he is down to his last $39 after being declared broke.

In his bankruptcy statement filed with the Insolvency Trustee Service Australia, the former ABC Learning chief executive has listed debts of $21.6 million.

Once featured on the BRW rich list, the former multimillionaire now claims to have no cash, no vehicles and “no permanent address”.

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According to Mr Groves's bankruptcy statement, he sold assets including a stake in a Canadian ski resort property to his wife for $106,000 to repay a mortgage.

He also sold to his wife a Mercedes SL65 for $220,000 in 2010, to pay off debt, reports say.

Mr Groves was being pursued by the Commonwealth Bank over a $5 million loan he took out to buy the Adelaide Dome. The bank last month successfully bankrupted him.

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.

At the peak of his fortune, he was worth $295 million and drove flashy Ferraris, owned a helicopter business, a basketball team (Brisbane Bullets) and had a multi-million-dollar property portfolio.

Mr 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.