Construction giant Grocon, one of the renowned builders of the country, has declared insolvency and is all set to go into administration.
Grocon Group has numerous state-of-the-art developments to its credit, Melbourne’s casino, Eureka Tower, Rialto Towers to name a few.
On 20 November, post the conjecture that the company is in trouble, it declared putting the group’s legacy construction companies into administration.
Grocon’s chief executive Daniel Grollo shared that creditors would be compensated at the first.
Meanwhile, the firm is presently constructing an office tower development in Collingwood, Melbourne and a $700 million worth project in Darling Harbour.