An aged care facility in Emu Plains and a student accommodation project are among the developments under construction that hang in the balance after sydney builder Next entered voluntary administration yesterday, with its founder and director Joseph Di Girolamo hoping to salvage a deal with creditors.
The company – founded in 2007 and responsible for such projects as Edge Ultimo, Bay Central in Neutral Bay, and The Hensley in Potts Point – has debts of $https://www.businessnewsaustralia.com/15 million.
Hard on the heels of high-profile development collapses this year such as Probuild and Condev, Di Girolamo has appointed John Vouris and Sule Arnautovic from Hall Chadwick as administrators.
“Quite a lot of building companies are facing a few issues. Next is not immune from those issues,” Arnautovic told Business News Australia.
“Some of their projects have been extensively impacted by a combination of COVID delays, inclement weather delays, and then downstream arguments about what constitutes delay in terms of liquidated damages.
“They’ve also been susceptible to material price increases, labour shortages.”
Arnautovic said Next had two major projects when he was appointed – a https://www.businessnewsaustralia.com/100 bed…
