The partial collapse of one of Australia’s most well-known construction companies has left a vast number of creditors in the dark about where they stand and whether they will retrieve any money owed to them.
Key points:
- Some creditors do not believe anyone will be paid
- Not all of Grocon is being put into administration
- Documents already show the company owes $500 million, and is owed $500 due to inter-company loans
The first creditors meeting into Grocon is being held virtually in Melbourne today.
The administration involves dozens of sub-companies, debts to parts of the empire that are not being declared insolvent, and a maze of inter-company loans in the hundreds of millions of dollars.
There is even a, $11.5 million debt owed to the company…
Read the full article at: https://www.abc.net.au/news/2020-12-09/grocon-first-meeting-of-creditors/12960820