Australian residential builder and developer Bathla Group, which operates in Sydney, has entered voluntary administration. Its customers have been left in uncertainty, The Guardian reports.
Reasons for the decision
The company’s founder and director, Bhart Bhushan, described the move as an “orderly business restructuring”. According to him, Bathla Group faced a combination of adverse circumstances: a significant weakening of sales, declining confidence in key markets, the effects of changes to the federal budget adopted in May, and a substantial increase in construction costs that the company had absorbed.
Bhushan said the decision was made in the interests of all stakeholders. He expressed hope that cooperation with administrators, suppliers, contractors and creditors would make it possible to continue providing housing in western Sydney and other key markets.
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Administrator and market
According to documents filed with the Australian Securities and Investments Commission, Teneo has been appointed administrator of Bathla Group and its related entities….