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The insolvency advisory Teneo has announced it is standing down workers and stopping construction on the embattled developer Bathla Group’s semi-finished properties. Bathla - one of Australia’s largest property developers - went into voluntary administration on 25 August, weighed down by almost $3.6bn in debt, leaving thousands of customers in limbo, some with semi-complete homes they’d bought off-the-plan. Its administrators at Teneo had been in crisis talks with private lenders to try to save Bathla and its many projects, saying their immediate priorities included finishing the estimated 2,000-2,500 homes on which construction had already begun. Teneo managed to secure short-term funding to temporarily continue construction on the 13 Bathla sites where construction was underway, but it announced this evening that the money had run out and it had not managed to secure further funding. Teneo said its discussions with lenders for further funding “have now concluded”. As a result, constr
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The insolvency advisory Teneo has announced it is standing down workers and stopping construction on the embattled developer Bathla Group’s semi-finished properties. Bathla - one of Australia’s largest property developers - went into voluntary administration on 25 August, weighed down by almost $3.6bn in debt, leaving thousands of customers in limbo, some with semi-complete homes they’d bought off-the-plan. Its administrators at Teneo had been in crisis talks with private lenders to try to save Bathla and its many projects, saying their immediate priorities included finishing the estimated 2,000-2,500 homes on which construction had already begun. Teneo managed to secure short-term funding to temporarily continue construction on the 13 Bathla sites where construction was underway, but it announced this evening that the money had run out and it had not managed to secure further funding. Teneo said its discussions with lenders for further funding “have now concluded”. As a result, constr
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