Sydney-based real estate developer Dyldam is now fully under administration, with HLB Mann Judd and McGrathNicol seated at either side of the table. HLB Mann Judd is managing the voluntary administration process while McGrathNicol is protecting creditor interests.
Setting the context: Dyldams financial struggles began in early 2019, as reported by the Australian Financial Review (AFR). By May 2020, Dyldam-owned Rainbow Calingford One was in liquidation for tax defaults of nearly $1 million. By November, one of Dyldams lenders Global Galaxy Holdings III had appointed receivers to manage the sale of a mammoth building site earmarked for over 1,300 apartments.
Dyldam went into voluntary administration on December 31st, under the charge o…
Read the full article at: https://www.consultancy.com.au/news/2864/hlb-and-mcgrathnicol-working-on-dyldams-administration