Overview
- Administrators from Teneo, which met a payroll deadline Thursday, said they had found enough cash to pay wages accrued since their August 25 appointment but had not secured the full $20 million short-term injection.
- The $20 million sought by administrators is meant to cover staff pay and keep 45 projects under construction running while longer-term funding is sought.
- Hundreds of off‑the‑plan buyers and many contractors are already facing delays and unpaid bills, with tradespeople walking off some sites and private lenders taking control of certain developments.
- If lenders do not provide a rescue and with the NSW government refusing a bailout, administrators say the group is likely to be wound up, putting roughly $15 billion of projects at risk.
- Bathla’s collapse follows a wider pattern of developer distress caused by falling sales, rising construction costs and recent federal budget changes, and it threatens a large portion of the state’s near‑term housing pipeline of about 25,000 dwellings.