Diploma Group is likely headed for provisional liquidation after the developer of a commercial project knocked back a deal crucial to rescuing the failed company.
WestBusiness understands that Chemlabs developer Emporium has rejected a Diploma proposal to get back into joint ownership of the development and terminated a $6 million project management deal.
The Federal Court on Friday appointed provisional liquidators to 20 Diploma entities but put the move on hold until the outcome of the property deal was known.
Judge Neil McKerracher stayed until May 25 his orders in favour of a winding up application by the Australian Securities and Investments Com…
Read the full article at: https://thewest.com.au/business/commercial-property/diploma-liquidation-orders-on-hold-ng-b88474321z