Embattled Sydney property developer Bathla warns it could fold by the end of the week

The administrators of Sydney property developer Bathla Group have warned that the company will fold by the end of the week unless it can secure additional funding. Teneo, the insolvency advisory, assumed control of Bathla's operations on 25 August after the company went into voluntary administration.

Hundreds of staff have not been paid for weeks, with some not receiving wages for eight weeks, according to Teneo's senior managing director, Stephen Longley. He stated that the company has no cash to pay wages or suppliers, and unless the situation can be resolved, the business will have to close.

Thousands of customers have been affected, many of whom have partially built homes. Some staff have continued to work unpaid in the hopes that an emergency financial backer can be found. If Bathla survives the week, potential redundancies may occur, with Teneo reviewing its 350 staff to determine which ones are "mission critical".

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