Workers at a major property developer have been stood down after the firm plunged into administration owing millions.<\/p>\n
NSW-based The Bathla Group called in administrators earlier this week after failing to repay debts of $3.2m.<\/p>\n
It has left its workers in limbo after administrators stood them down and the NSW government knocked back a bid for financial support.<\/p>\n
In a notice published on the company\u2019s website, CEO Robert Loader defended the decision to appoint administrators.<\/p>\n
\u201cWe recognise this is a difficult situation, which is why we have taken a proactive decision to appoint voluntary administrators as it is in the best interest of all stakeholders,\u201d he wrote.<\/p>\n
\u201cThe business has been through a period of declining sales and falling property prices, while construction costs have increase.<\/p>\n
\u201cWe will work constructively with administrators to support the continued delivery of much-needed housing for Western Sydney.\u201d<\/p>\n
The firm has appointed Stephen Longley, Rebecca Gill, Daniel Walley, Adam Colley and Andy Scott from Teneo as administrators, who have assumed control of the company.<\/p>\n
\u201cThe administrator\u2019s immediate priority is to stabilise the group\u2019s operations and work with lenders, and other key stakeholders to support employees and the continued delivery of projects,\u201d a Teneo spokesman wrote in the company\u2019s administration notice.<\/p>\n
\u201cTeneo has commenced urgent discussions with the group\u2019s lenders to maintain construction activity and support the ongoing operation of the business during the administration process.\u201d<\/p>\n
\u2018CAN\u2019T COMMIT LIGHTLY\u2019<\/p>\n
Addressing the firm\u2019s financial position on Saturday, Premier Chris Minns said more information would be needed before any support could be offered.<\/p>\n
\u201cWe don\u2019t have anywhere near a clear enough view for a very complicated financial set of arrangements to provide public money,\u201d he said.<\/p>\n
\u201cIt is not my money, it is the taxpayers\u2019 of New South Wales, and I can\u2019t commit it lightly.<\/p>\n
\u201cI understand the administrator has got a job to do, but we can\u2019t react to 12 or 24-hour deadlines for tens of millions of dollars \u2013 that\u2019s not what we do.<\/p>\n
\u201cI\u2019m not going to close the door on ensuring both Bathla contractors and mums and dads who are waiting to move into their new homes aren\u2019t helped by the government, but there are many ways to do that and we\u2019ll obviously watch the administration process over the next week.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Workers at a major property developer have been stood down after the firm plunged into administration owing millions.…\n","protected":false},"author":2,"featured_media":873107,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[441615,441610,441633,441613,441641,381466,441640,441608,441643,379283,441617,398474,383308,441609,436775,378964,441621,441612,441639,441623,6014,197449,441614,441642,402294,441627,7589,64,63,441611,99,441628,327541,40137,17106,441635,13110,106558,1022,78059,379476,7593,441629,19439,441637,58180,178437,441645,379571,29705,272350,441619,441632,673,187436,441624,441630,165517,6027,19604,289803,441634,15927,46907,441644,438399,410228,441620,378934,441618,441616,19424,44731,441625,378533,378193,394730,23023,384223,425727,394228,441626,441638,441631,441636,441622,16391,1782],"class_list":["post-873106","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-s-administration-notice","tag-s-financial-position","tag-s-immediate-priority","tag-s-lenders","tag-s-operations","tag-s-website","tag-3-2bn","tag-3-2m-it","tag-12-or-24-hour-deadlines","tag-a-bid","tag-a-clear-enough-view","tag-a-difficult-situation","tag-a-job","tag-a-major-property-developer","tag-a-notice","tag-a-period","tag-a-proactive-decision","tag-a-teneo-spokesman","tag-a-very-complicated-financial-set","tag-adam-colley","tag-administration","tag-administrators","tag-all-stakeholders","tag-andy-scott","tag-another-blow","tag-any-support","tag-arrangements","tag-au","tag-australia","tag-both-bathla-contractors-and-mums-and-dads","tag-business","tag-ceo-robert-loader","tag-construction-activity","tag-construction-costs","tag-control","tag-daniel-walley","tag-debt","tag-debts","tag-developer","tag-dollars","tag-earlier-this-week","tag-employees","tag-financial-support-in","tag-increase","tag-its-workers","tag-lenders","tag-limbo","tag-major-nsw-developer-bathla-group","tag-many-ways","tag-millions","tag-more-information","tag-much-needed-housing","tag-my-money","tag-new-south-wales","tag-newswire-news","tag-nsw-based","tag-other-key-stakeholders","tag-premier-chris-minns","tag-projects","tag-property-prices","tag-public-money","tag-rebecca-gill","tag-sales","tag-saturday","tag-stephen-longley","tag-teneo","tag-tens-of-millions","tag-the-administration-process","tag-the-administrator","tag-the-bathla-group","tag-the-best-interest","tag-the-business","tag-the-company","tag-the-continued-delivery","tag-the-decision","tag-the-door","tag-the-firm","tag-the-government","tag-the-group","tag-the-next-week","tag-the-nsw-government","tag-the-ongoing-operation","tag-the-taxpayers","tag-their-new-homes","tag-urgent-discussions","tag-voluntary-administrators","tag-western-sydney","tag-workers"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/873106","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=873106"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/873106\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/873107"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=873106"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=873106"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=873106"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}