Unsecured creditors caught up in the $1 billion collapse of Grocon's construction business will get very little back if the 39 subsidiaries placed in administration are liquidated, administrator KordaMentha warned at the first meeting of creditors held in Sydney on Wednesday.

The other prospect, proposed by Grocon scion Daniel Grollo, was for them to wait for details of a deed of company arrangement (DOCA) which would be based around the company winning a $200 million-plus legal claim against the NSW government over a botched development at Barangaroo.