Bathla Group owes creditors over $3.4B
- Private credit lenders and Revenue NSW are seeking payment for $3.4 billion in debts after developer Bathla Group entered administration.
- Mortgagees are facing unexpected costs, including a $500,000 tax demand and a $60,000 crane removal bill.
- Lenders are breaking up and selling off the developer's 200-project portfolio to recoup their outstanding funds.
Collapsed developer Bathla Group owes creditors more than $3.4 billion following its entry into administration in August.
Major banks deemed the company too risky, forcing the builder to rely on private credit firms and suburban lenders for capital.
"A lot of people are not happy with the Bathla situation," said South Western Financial Services Director George Koovousis.
Revenue NSW issued mortgagees a $500,000 tax demand, while investors faced a $60,000 bill to remove a hazardous crane from a western Sydney site.
Lenders are taking control of individual properties to complete or sell off the 200-project portfolio.
Administrators reported that $700 million in internal transactions were unreconciled prior to the collapse.
Founded in 1997, the company had 2,500 homes under construction across 45 sites and owed 1,000 subcontractors when operations ceased.
