Project Group Constructions, a Melbourne-based builder working on residential and commercial projects with a contract value of about $190 million, has gone into voluntary administration.
Burnley-based Project Group, a company with about 100 staff, went into administration on Friday with a preliminary estimate, excluding employee entitlements, of $22 million in debts $7 million of that secured to banks and unsecured debts worth $15 million said Matthew Jess of Worrells Solvency & Forensic Accountants, who was appointed co-administrator with colleague Ivan Glavas.
“The business had great potential if it was administered correctly but they just f–ked it up,” said developer Ramon Collodetti, whose company Codstream employed Pr…
Read the full article at: http://www.afr.com/real-estate/project-group-residential-commercial-builder-goes-into-administration-20180326-h0xzeu
