Major property developer Bathla Group has plunged into voluntary administration with the company citing a “perfect storm of circumstances” for a decision that has left customers in limbo.
Administrators from Teneo Australia have assumed control of the Sydney company and its subsidiaries, and launched an immediate assessment of its financial position.
Administration will cast a dark cloud over hundreds of homes and apartments currently under construction.
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Teneo’s financial advisory head Stephen Longley said the priority is to stabilise the business so construction activity and property settlements “can continue in the ordinary course”.
“Our objective is to ensure project…