Daniel Grollo declared bankrupt
Former Grocon chief executive Daniel Grollo has been declared bankrupt, almost six years after the collapse of the construction empire once responsible for some of Australia’s most recognisable towers.
The third-generation builder and property executive reportedly owes creditors more than $10 million.
His bankruptcy marks the latest chapter in the downfall of Grocon, which entered voluntary administration after financial pressure linked to major projects and disputes including Sydney’s Central Barangaroo development.
Mr Grollo later proposed a deed of company arrangement in an effort to restructure the business, contributing personal funds as creditors weighed options for the failed construction operations.
Among assets examined during the administration was a Manhattan apartment linked to Mr Grollo at Trump Parc.
Creditors argued the residence, reported to be worth about $40m, should form part of efforts to recover funds.
Empire falls
Founded by Luigi Grollo in 1948, Grocon grew into one of Australia’s largest privately owned construction and property groups (continues below).
Landmark Melbourne projects include Eureka Tower and Rialto Towers.
The group also built in Sydney, Brisbane and Perth.
The business unravelled following mounting financial pressure, leaving subcontractors, suppliers and other creditors facing significant losses.
A long-running legal battle over Central Barangaroo continued after the administration before ultimately settling for a fraction of the compensation originally sought.
Mr Grollo’s bankruptcy is a personal matter and separate from the continuing ownership of other assets and investments held by members of the wider Grollo family.
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