My desire is to pay the creditors in full. I believe we will ultimately win the case against INSW and when we do so, the creditors will be the first in line to be compensated.
Once a powerhouse in the construction industry, Grocon has been struggling for some time with a number of legal stoushes and battles with the construction union contributing to its financial woes.
Last year, Grocon put two subsidiaries into voluntary administration in the middle of a court battle with Dexus over a $28 million lease claim.
The Age reported on Friday that Grocon’s only Melbourne project – an $111 million inner-city office development for the Liberman family – had ground to a halt with subcontractors understood to be owed six months’ back pay.
Mr G…
Read the full article at: https://www.afr.com/property/commercial/grocon-puts-construction-business-into-administration-20201120-p56gdb
