Grollo escapes liquidation of collapsed Grocon empire
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Property scion Daniel Grollo has avoided the humiliation of his collapsed Grocon construction empire being liquidated after the tax office and creditors of 88 failed companies voted to accept an arrangement that will see small creditors and employees paid out.
Creditors met on Thursday to vote on Mr Grollo’s proposal for an amended Deed of Company Arrangement (DOCA), which included a $6 million upfront payment to the Australian Tax Office (ATO) and a full payout of employee entitlements and small creditors owned less than $10,000.
Grollo escapes liquidation of collapsed Grocon empire theage.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theage.com.au Daily Mail and Mail on Sunday newspapers.