Grocon administrators advise against liquidation, large creditors to get 3c in the dollar under proposed plan – NEWS.com.au

Grocons administrators have advised against winding up the collapsed construction giant after revealing the complex group has been insolvent since February 2019, deeming a deed of company arrangement in the best interests of creditors.Grocon has placed 88 subsidiaries – many of them dormant – in the hands of KordaMentha, blaming its plight on the Central Barangaroo project in Sydney, dominated by Crown Resorts’ new casino.
Grocon alleges rival Lendlease and Crown Resorts reached a secret deal with…

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