Construction

A group of owners at The Towers in Elizabeth Quay has sued Hong Kong-based developer Far East Consortium over alleged defects in the building. 

Sydney residential developer Bathla has accrued debts of $3.4 billion, administrators revealed Friday during a first creditors meeting as discussions with lenders on funding to keep 45 construction projects on track drag on.

As Bathla administrators reveal debts of over $3.4 billion, the corporate regulator has told a senate committee hearing the sheer number of private lenders that backed the company will make its tracing task difficult.

A contradictor will weigh in on an $18 million settlement in a class action by Sydney homeowners, even though the funder and law firm have agreed to a cut from their deductions, which would have left just 20 per cent of the settlement for group members.

Bathla's administrators have yet to reach a deal with the embattled developer's lenders on short-term funding, but money has been found to make partial payments to employees.

Developer Skycorp has lost its bid to appeal a decision in a dispute with the ATO over $4.6 million in deductions claimed for its building in Western Australia's Hillarys Boat Harbour.

Administrators of Bathla Group are continuing talks with the embattled developer's lenders over a short-term loan that will keep the business afloat, and are hopeful a funding package can be secured by Thursday.

A director of Forte Sydney Constructions says she chased iProsperity "every day" for $6 million in unpaid construction costs for a Ryde residential project, as trial kicks off in a case by the defunct developer's liquidator.

Administrators for ailing residential property develor Bathla say the company will be forced into liquidation by the end of the week without further funding by lenders.

The administrators of collapsed building company Novati Constructions have been ordered to give developer Hulak two bank guarantees worth $312,500 each, with a judge finding it would be unconscionable to withhold them.