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Grocon vote delayed as creditors demand answers

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Disgruntled Grocon creditors forced the postponement of a vote to decide the future of the fallen construction giant after demanding administrators investigate what happened to more than $90 million of loans taken out of the company by chief executive Daniel Grollo and the value of assets that might be realised in a liquidation.

Grocon group administrator KordaMentha reluctantly agreed to adjourn for 10 days a vote by creditors to either back a deed of company arrangement (DOCA) proposed by the Grocon scion or liquidate the 88 insolvent companies in the group, after warning it would be a costly delay and likely to achieve very little.

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Larry Schlesinger writes on real estate, specialising in commercial and residential property. Larry is based in our Melbourne newsroom. Connect with Larry on Twitter. Email Larry at larry.schlesinger@afr.com

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    Original URL: https://www.afr.com/property/commercial/grocon-liquidation-vote-adjourned-to-april-16-20210329-p57f16