One of Australia’s best-known builders has declared insolvency and is set to go into administration.
Grocon Group has delivered several iconic developments in recent decades, including melbourne‘s casino, Eureka Tower and the Rialto Towers.
On Friday after speculation it was in trouble, the company announced it was putting the group’s legacy construction companies into administration.
The ABC understands numerous creditors are owed tens of millions of dollars, including subcontractors who have hired tradespeople to work on the developer’s projects.
In a statement, Grocon chief executive Daniel Grollo said creditors would be “first in line to be compensated”.
“My desire is to pay the creditors in full,” he said.
Police at the scene of the Ribbon construction site near Sydney’s CBD when a worker died. (ABC News: Bindi Bryce )
The company is currently building an office tower development in Melbourne’s urban suburb Collingwood and a $700m project at Darling Harbour called The Ribbon.
The Ribbon project is where a man died last year after a water pipe explosion.
Its statement said both of these developments would not be included in the administration.
Yesterday, despite media reports that work on the Collingwood site had ground to a…