The money was then used to fund losses on other Ralan projects. Problems began to emerge at Ralan in about 2014 when its builder Steve Nolan Constructions went into administration in 2014.
Ralan collapsed at the end of July 2019, when Said Jahani, Phil-Campbell Wilson and Graham Killer from Grant Thornton were appointed as administrators of more than 50 companies in the group.
At the time of its collapse Ralan had a development pipeline of more than 3000 residential units and debts of more than $560 million, including to secured lenders such as Westpac and Wingate.
In March last year, a deed of company arrangement (DOCA) struck earlier with Ralan creditors was terminated and Grant Thornton appointed liquidators.
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Read the full article at: https://www.afr.com/property/residential/ralan-boss-william-o-dwyer-bankrupt-20210816-p58j3y
