Debts of failed national builder Descon Group have soared towards $400 million making it an unenviable contender for the largest construction group collapse in Australia’s history. Now a liquidator has revealed where some of the money may have gone
Kathleen Skene follow3 min read August 5, 2024 - 4:00PM
Gold Coast Bulletin
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Debts of failed national builder Descon Group have soared towards $400 million making it an unenviable contender for the largest construction group collapse in Australia’s history.
The liquidator of parent company Descon Group Australia has found it owed more than $72 million and had spent hundreds of thousands of dollars on deposits for luxury sports cars which were not listed among its assets.
More than 10 companies in the Descon and Adcon groups are in administration or liquidation, with their combined reported debts topping $390 million – eclipsing the $250 million Probuild collapse in 2022 and the $169 million failure of PBS Building in 2023.
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