The administrators of embattled property developer Bathla Group have said the company will fold by the end of the week unless they can secure additional funding to keep it afloat.
The insolvency advisory Teneo assumed control of Bathla’s operations on 25 August after the Sydney-based construction company went into voluntary administration under the weight of almost $3.6bn in debt.
Thousands of customers have been left in the lurch, many of whom have partially built homes.
Teneo’s senior managing director, Stephen Longley, on Monday said some of Bathla’s 350 head office staff had not been paid for eight weeks.
“There’s no cash here. We don’t have any cash to pay wages. We don’t have any cash to pay suppliers,” he said.
“So,…