The burgeoning hospitality empire Virtical group is on the brink of collapse after administrators took control of its second-biggest asset, Melbourne’s Adelphi Hotel.
Non-bank lender Bond Finance put Virtical company Risby Cove Tas, which owns the Adelphi, into administration on Monday morning, just as the group was expected to exchange contracts on the hotel’s sale. Risby Cove Management, the entity which employs staff at the hotel, is also under administration.
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Max Mason covers insolvency, courts, regulation, financial crime, cybercrime and corporate wrongdoing. A Walkley Award winner, Max's journalism has also received awards from the National Press Club of Australia, the Kennedy Awards and Citibank. Message Max on Signal https://tinyurl.com/MaxMason Connect with Max on Twitter. Email Max at max.mason@afr.com
