The debts of a failed group of manufacturing companies have ballooned to nearly $80million in what is set to be one of the year’s biggest corporate collapses.

GDK Group, which ran a string of businesses in the cabinetry and building products industry based in sydney/index.html” id=”mol-ee229a80-dff9-11ee-9bdd-894bab1c416d”>Sydney‘s west, first ran into trouble last year. 

Liquidators have since unravelled the huge scale of the group’s debts.

Over the last year, 12 companies under the GDK umbrella have folded with liquidators saying this week that four of those companies owe $48.7million to 159 creditors, reports news.com.au.

This brings the total amount the group owes to $78million when combined with another company linked to the group that was already revealed to have owed $29.8million. 

Just before Christmas, one of the group’s businesses, Joinery Manufacturing Solutions Pty Ltd based in Weatherill Park, told 30 staff they were sacked.

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GDK Group in Sydney’s west has gone into liquidation with debts of nearly $80million

GDK’s companies were involved in the building…