One of Australias largest construction companies, Grocon, has gone into administration, leaving thousands of subcontractors at risk of unpaid contracts.
Grocon is known for developments such as Melbournes casino, Eureka Tower and the Rialto Towers.
Grocons chief executive, Daniel Grollo, blamed its administration on Infrastructure NSW for its handling of the Central Barangaroo project.
It is unfortunate that INSW is forcing our hand to place the construction business into administration, Mr Grollo said.
While I have spoken before about moving Grocon away from the construction business model to new initiatives such as Build to Rent, I did not want to call in administrators.
Grocons administration could mean that thousands of subcontracto…
Read the full article at: https://dynamicbusiness.com.au/topics/news/grocon-goes-into-administration-putting-thousands-of-subcontractors-and-suppliers-at-risk-of-not-being-paid.html