The former director of a major building firm which collapsed with debts of about $31 million has avoided bankruptcy with creditors to receive between 0.4 and seven cents in the dollar.
Former RGD Group Pty Ltd and RGD Constructions Pty Ltd director Ron Grabbe entered into a Personal Insolvency Agreement with creditors of his estate in mid-November, avoiding bankruptcy after a dramatic collapse of his building empire earlier this year.
The agreement was carried out on December 9, with creditors now given until January 7, 2021, to lodge a proof of debt, to claim between 0.4 cents and seven cents in the dollar of the dividend set to be declared.
Mr Grabbe, a prominent Coast businessman and out…
Read the full article at: https://www.sunshinecoastdaily.com.au/news/ex-rgd-boss-avoids-bankruptcy-with-100k-deal/4162830/