Struggling property developer Bathla is just days away from collapse with thousands of homes still under construction.
Administrators were brutally honest on Monday when they said the western Sydney company has no cash left, not even to pay workers.
WATCH THE VIDEO ABOVE: Bathla Group faces collapse with $3 billion debt
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“There’s no cash here. We don’t have any cash to pay wages,” Stephen Longley from Teneo Financial Advisory said.
Bathla’s $3.5 billion debt is growing, with some staff not being paid in eight weeks. On Friday, a handful of staff were stood down for a week without pay.
“We are doing a review of the 350 staff in the business to work out which ones are mission critical,” Longley said.
An emergency $20 million is needed to get through the month.
“We do not have enough money to pay their wages on Thursday so we need to try and find some money to get that sorted,” Longley said.
There are hopes that builders could rescue half-complete projects involving about 2500 homes, most across western Sydney.
“We’ll look at the circumstances of both individual projects and the overall circumstances of the Bathla Group,” Planning Minister Paul Scully said.
The situation remains murky and messy, leaving buyers with broken promises.
“It has left people so confused. It’s not just us. I don’t want to lose money,” buyer Swati Nagpal said.
Sub-contractors are also being left in the lurch. One in charge of kitchen joinery told 7NEWS he is owed $750,000 across projects in Box Hill, Marsden Park and Pemulwuy.
“Sub-contractors that are working on the sites will be looked after in time and will be paid,” Longley said.
A vote to decide liquidation will be held on Friday.