Crown Group has entered into provisional liquidation, with its co-founders Iwan Sunito and Paul Sathio agreeing to put aside a long-running dispute in an attempt to salvage the company, once a major real estate developer.
Andrew Sallway, BDO business restructuring partner, was appointed as the companys provisional liquidator on Thursday. Mr Sallway will have powers over the companys assets, which includes projects in Sydney and Brisbane worth over $1 billion, which can be used to pay off loans and unpaid bills.
Paul Sathio and Iwan Sunito have agreed to appoint a provision liquidator to control Crown Group.
Large monies have been held up as a result, Mr Sathios lawyers told the court. The appo…
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