Bond providers are the latest casualty of the collapse of Andrew Roberts’ building empire, with the billionaire putting another company into administration as developer clients ESR and Investa call in guarantees worth tens of millions of dollars on their stalled projects.
Roberts Co Australia, which the businessman put into administration last week, faces claims by a unique group of creditors – the providers of security bonds that the building companies took out before starting individual projects, typically worth 5 per cent of the total construction cost.
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