Restructuring & Insolvency

A company controlled by Paul Chiodo has lobbed a $200 million suit targeting City Built director Roberto Filippini, with the former Keystone director joining the company's liquidators in chasing millions in alleged misappropriated development funds.

A company controlled by Paul Chiodo has lobbed a $200 million suit targeting City Built director Roberto Filippini, with the former Keystone director joining the company's liquidators in chasing millions in allegedly misappropriated development funds.

Funds manager 360 Capital is moving quickly to take control of its investments affected by the $3.4 billion collapse of construction firm Bathla. 

A group of Bathla lenders has agreed to provide a short-term lifeline for the embattled residential developer to progress some projects, while other projects will be suspended and 213 employees stood down as of Monday.

Sydney residential developer Bathla has accrued debts of $3.4 billion, administrators revealed Friday during a first creditors meeting as discussions with lenders on funding to keep 45 construction projects on track drag on.

As Bathla administrators reveal debts of over $3.4 billion, the corporate regulator has told a senate committee hearing the sheer number of private lenders that backed the company will make its tracing task difficult.

Bathla's administrators have yet to reach a deal with the embattled developer's lenders on short-term funding, but money has been found to make partial payments to employees.

A judge has allowed collapsed oil and gas company Timor Sea Oil & Gas Australia to assign its claims against the Commonwealth over  alleged losses stemming from the loss of its petroleum licence rights.

Administrators for ailing residential property develor Bathla say the company will be forced into liquidation by the end of the week without further funding by lenders.

The administrators of collapsed building company Novati Constructions have been ordered to give developer Hulak two bank guarantees worth $312,500 each, with a judge finding it would be unconscionable to withhold them.