Sydney housing firm Bathla Group went into insolvency proceedings on Monday. The collapse of the financially troubled firm leaves around 15,000 homes facing an uncertain future and involves a $3.6bn loss. Before entering external administration, Bathla Group had undertaken numerous projects across New South Wales.
Buyers of off-the-plan properties face growing uncertainty as the liquidation process unfolds. The failure of the major developer forced formal administration on Monday, putting around 15,000 homes on hold across New South Wales as the liquidation process starts.