Creditors of 22 companies connected to the flagging Dyldam Group are reportedly chasing $500 million in debt, as the company wades through voluntary administration proceedings.
According to the Australian Financial Review, minutes of the first creditors meeting held in January and lodged with ASIC show total debt claims of $510 million.
McGrathNicol was appointed as receiver on January 5 for 22 entities and development sites connected to the Dyldam Group following ongoing financial woes for the western Sydney real estate developer.
Lauded as one of Australia’s biggest builders and developers of apartments, Dyldam Group has been plagued with financial problems and litigation in the past two years.
Dyldam Group had been voted as one of HIA’s top 10 homebuilders for 2018 and 2019.
▲ Administrators have repossessed eight development sites worth more than $1 billion, including The Opera in Sydney’s Merrylands.
McGrathNicol has repossessed eight development sites reportedly worth more than $1 billion, predominantly in the western and north-western areas of Sydney, including the site of The Opera, for offshore lenders that funded Dyldam Group projects through Merrylands Opera Trust and The Persephone Trust.
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