ABD Group put into liquidation
ABD Group, which includes subsidiaries Marcus Group and Jasmine Group, has been put into liquidation.
SV Partners’ Michael Carrafa and Peter Gountzos are representing creditors, believed to be owed a total of between $50-$80 million.
Between them, the builders are said to have had about a dozen projects on the go – a mix of medium and high density residential.
Hickory’s George Abraham this week confirmed it is taking over one – Bensons Property Group’s 23 level Liberty One, in Melbourne’s inner west Footscray.
That developer is also in discussions to complete Suleman Group’s mixed-use Union Quarter at nearby Spotswood.
ABD was also until recently working on Kokoda Property Group’s $250m Malvern Collective which will contain 265 apartments within two towers.
Last week, Brisbane based Privium Group entered voluntary administration with debts said to circle $28m (story continues below).
ABD collapses after 15 years
Southbank based ABD was established by Raffaele Aiello in 2006 – since then it has undertaken about 30 projects.
News of a collapse first came to light on Monday, with sources saying Marcus Group had stopped work on its portfolio and was to enter administration. Both company website and social media channels were also recently shut down.
In an ASIC notice today, SV Partners said the group would be wound up; there is no hope it could have been rescued.
The local building sector has been negatively affected by COVID related job halts, supply shortages and a rise in costs – both for materials and some contractors.
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