The fate of Australia’s ABC Learning Centres was sealed on Thursday when the group that had become one of the world’s largest private childcare providers collapsed into receivership. It is thought to owe more than A$1bn (US$674m) but the precise figure is not known.

Like many before it, and many to come, ABC is the victim of an aggressive, debt-fuelled acquisition spree. In ABC’s case, it moved beyond its native shores into New Zealand, the US and UK in an effort to convert the cottage childcare industry into a global business. A reasonable plan that was poorly executed.