Grocon, the Australian construction empire that grew from the family concreting business started by Luigi Grollo in Melbourne in 1948, is on its last legs.
But Grocon, the privately held property development empire headed by Luigis grandson Daniel Grollo, will continue to operate.
Media outlets have breathlessly reported Grollos announcement that Grocons construction business is insolvent, meaning it is no longer able to pay its debts, and that external administrators have been called in (as the law requires) to sort out if the business can be sold or its assets liquidated to pay off at least some of what is owed.
The Grocon group, though, is more than a construction business, having found better money-making opportunites in property de…
Read the full article at: https://theconversation.com/news-of-the-collapse-of-the-grocon-empire-is-greatly-exaggerated-150546
