Australian residential builder and developer Bathla Group, which operates in Sydney, has entered voluntary administration. Its customers have been left in uncertainty, The Guardian reports.
Reasons for the decision
The company’s founder and director, Bhart Bhushan, described the move as an “orderly business restructuring”. According to him, Bathla Group faced a combination of adverse circumstances: a significant weakening of sales, declining confidence in key markets, the effects of changes to the federal budget adopted in May, and a substantial increase in construction costs that the company had absorbed.
Bhushan said the decision…