Grocon companies in administration reach 87, more than doubles

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Things have gone from bad to worse for collapsed construction group Grocon, with it placing dozens of its subsidiaries into administration.

In late November, 39 Grocon companies were placed in the hands of KordaMentha and a further three were added the following month.

Grocon blames its collapse on that development, alleging rival Lendlease and Crown Resorts reached a secret deal with Infrastructure NSW on building heights in 2019, protecting the rights of Crown tower – Sydney’s tallest building – to unobstructed views of the harbour. “We are advised that no further entities are expected to enter administration and that a deed of company arrangement will be proposed to include all 87 Grocon companies,” Mr Knight said.

Source: News Formal (newsformal.com)

 

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