The potential liquidation of a sydney-fp5″ class=”sc-ZStEl fijHCo”>Sydney construction company could be one of the biggest in Australian history, a debt recovery expert has said, as tradies and buyers face being left thousands out of pocket.
Bathla, a construction group that focused on building affordable homes and apartment complex’s in Western Sydney, went into administration last week, holding debts of up to $3.6 billion.
The Bathla Group is on the cusp of being wound up. Brent Lewin
Administrators of the company have warned they could struggle to keep paying the company’s 350 staff – some of whom haven’t been paid in two months – admitting there may be no choice but to close the business.
Larry Kaine, managing partner at Corporate Recovery Partners, says the administration of Bathla is “unprecedented” in its size, warning the ripple effect could be significant.
“The magnitude of this administration is just so damn big. I mean, I’ve never seen anything like it,” he told nine.com.au.
“I don’t think we’ve had a collapse of this size, not just in dollar value… but the magnitude of this one where it’s so many projects, there’s so many lenders.
“This is will be Australia’s biggest administration, from what we have seen.”
Kaine’s company is…