A deal proposed for the creditors of a group of collapsed construction companies belonging to Descon’s Danny Isaac has been struck down by the Federal Court of Australia.
A court case heard by Justice Cameron Moore last month—the outcome of which was published last week—dealt with an arrangement to wind down three Adcon Group companies.
The companies were closely associated with Descon, owned by Danny Isaac as the sole director. They collapsed in 2024.
What has emerged from the case files is a story of missing financial accounts—said to have been destroyed in the 2022 Brisbane floods— missing funds—including $108 million for PPE—and an absent director who has refused to work with administrators and is believed to have…