Property scion Daniel Grollo has avoided the humiliation of his collapsed Grocon construction empire being liquidated after the tax office and creditors of 88 failed companies voted to accept an arrangement that will see small creditors and employees paid out.
Creditors met on Thursday to vote on Mr Grollos proposal for an amended Deed of Company Arrangement (DOCA), which included a $6 million upfront payment to the Australian Tax Office (ATO) and a full payout of employee entitlements and small creditors owned less than $10,000.
The tax office, owned $13.7 million in GST payments by Grocon companies, was Mr Grollos largest creditor and critical in supporting the vote to approve the revised arrangement.
It will now get a payout of …
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