Development sites of sydney-based real estate developer Dyldam have entered administration, with HLB Mann Judd and McGrathNicol seated at either side of the table. HLB Mann Judd is managing the administration process while McGrathNicol is protecting creditor interests.
Setting the context: Dyldam’s financial struggles began in early 2019, as reported by the Australian Financial Review (AFR). By May 2020, Dyldam-owned Rainbow Calingford One was in liquidation for tax defaults of nearly $1 million. By November, one of Dyldam’s lenders – Global Galaxy Holdings III – had appointed receivers to manage the sale of a mammoth building site earmarked for over 1,300 apartments.
Since then, over 20 development sites have gone into voluntary administration, under the charge of Sydney-based accounting and advisory firm HLB Mann Judd. Leading the process are Todd Gamel and Barry Taylor, partners in the firm’s Restructuring & Risk Advisory practice.
The pair are currently administrating the companies, and property sites where HLB Mann Judd are joint administrators, with the goal of finding the best possible solution for all involved. Meanwhile, Dyldam’s lenders are also taking steps to ensure their own best…
