Collapsed property developer Bathla under investigation by ASIC | The Business | ABC NEWS

Australia’s corporate watchdog, ASIC has launched a formal investigation into the affairs of collapsed Bathla Group, a sprawling property empire comprising more than 500 companies. The regulator has not disclosed the specific conduct under investigation.

ASIC has also been examining the role of private lenders in Bathla’s collapse, including how billions of dollars were raised and whether retail investors have been exposed to losses.

The development comes as former workers speak out over unpaid wages and entitlements, with some owed tens of thousands of dollars.

Court documents put personnel-related claims at about six million dollars following the collapse of developer in August.

Around 200 former Bathla staff have banded together – demanding answers over unpaid wages and entitlements. In an insolvency, employees have priority over ordinary unsecured creditors for certain entitlements. But repayment depends on the funds available.

Professor Jason Harris from University of Sydney says the administrators would have recovered outstanding payments soon after they were appointed. So, if there’s any payments still outstanding, they may well be irrecoverable.

Bathla’s administrators, Teneo says wages after the administration have been paid – but they don’t expect there’ll be any funds for claims prior to that for at least 6 to 12 months

One of Sydney’s largest residential property developers, Bathla entered voluntary administration on August 25 owing creditors at least $3.4 billion.

The collapse has left the future of more than 200 projects in doubt, including roughly 2,000 homes under construction and another 13,000 in its development pipeline.

The formal investigation into the company comes amid a broader crackdown on private credit.
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