The directors of Diploma Group face an uphill battle to persuade 500-plus creditors owed more than $50 million to back the failed builders revival as a listed property developer.
Administrators of three Di Latte family-controlled Diploma companies painted a bleak picture at creditors meetings yesterday, tipping no material benefits from the known assets of the group.
About 100 subcontractors, suppliers and ex-employees attended the biggest of the meetings for Diploma Construction (WA) with some angry at being unpaid for up to a year.
Diploma director Salvatore Di Latte was heckled by some creditors seated near him, according to accounts of the meeting, while administrator David Hodgson of Grant Thornton faced hostile questioning.
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