Grocons administrators have advised against winding up the collapsed construction giant after revealing the complex group has been insolvent since February 2019, deeming a deed of company arrangement in the best interests of creditors.
Grocon has placed 88 subsidiaries – many of them dormant – in the hands of KordaMentha, blaming its plight on the Central Barangaroo project in Sydney, dominated by Crown Resorts new casino.
Grocon alleges rival Lendlease and Crown Resorts reached a secret deal with Infrastructure NSW on building heights in 2019, protecting the rights of Crown tower Sydneys tallest building to unobstructed views of the harbour.
Grocon is now embroiled in litigation with the state government, seeking compensation in th…
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