The failure of Sydney developer Bathla is turning into one of the country’s biggest real estate collapses, after administrators revealed that the estimated $3.3 billion owed to creditors did not include the deposits paid by thousands of apartment buyers across hundreds of construction projects.
Teneo, the administrators appointed to the property development giant, warned “the scale and complexity” of the Bathla empire was at odds with the small amount of money the company had available, adding that it would burn through $40 million before the end of the year if it kept operating.
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