in brief
- More than 210 of Bathla’s 350 staff were stood down at a meeting in Sydney on Monday morning.
- Homebuyers who bought off-the-plan have been left in the dark, uncertain when, or if, their properties will be completed.
Property developer Bathla Group has stood down almost two-thirds of its workforce following its entry into voluntary administration earlier this year.
About 213 of Bathla’s 350 staff were stood down at a meeting in Sydney on Monday morning, and construction on several projects has halted as the embattled firm clings to life.
Administrators said they had secured short-term funding to keep some of the firm’s projects going.
Insolvency adviser Teneo announced it had secured the funding through five lenders linked to the…