ONE of the region’s largest builders has gone into administration, citing coronavirus effects, tight lending conditions and a “financially catastrophic” Brisbane project as causes of the collapse.
FTI Consulting has been appointed administrator of RGD Group Pty Ltd and RGD Constructions Pty Ltd, both directed by Ron Grabbe.
The major Coast builder sent written notices to creditors on Sunday advising of the situation.
READ: Construction boss speaks out after company collapse
“Unfortunately, due to the onerous lending conditions over the past three years and significantconsequencescausedbythecoronavirus,RGDGroupPtyLtdhasbeenforcedto beputintovoluntary administration,” a letter signed by Mr Grabbe read.
A similar letter was sent out advis…
Read the full article at: https://www.qt.com.au/news/major-building-companies-go-into-administration/4013033/
