Workers on 13 Bathla sites stood down as funding runs out - as it happened

The insolvency advisory Teneo has announced it is standing down workers and stopping construction on the embattled developer Bathla Group’s semi-finished properties.

Bathla – one of Australia’s largest property developers – went into voluntary administration on 25 August, weighed down by almost $3.6bn in debt, leaving thousands of customers in limbo, some with semi-complete homes they’d bought off-the-plan.

Its administrators at Teneo had been in crisis talks with private lenders to try to save Bathla and its many projects, saying their immediate priorities included finishing the estimated 2,000-2,500 homes on which construction had already begun.

Teneo managed to secure short-term funding to temporarily continue construction on the 13 Bathla sites where construction was under way, but it announced this evening that the money had run out and it had not managed to secure further funding.