The Bank of Scotland was the only secured creditor on the project, initially proposed by Sydney developer Robin Wise, according to the AFR.
Grant Thornton receiver Trevor Pogroske said “At this stage we are engaging with a number of consultants to determine the best way forward.”
Mr Wise said delays in obtaining approvals for the project contributed to the project’s demise.
“It took six years to get the approvals through. Unfortunately, when we got approval through in July last year Babcock was in trouble and by the time we were ready to activate the project to go into major construction Babcock wasn’t able to continue the project. That placed us into a difficult position and by December the whole world was in financial doom and gloom.
He said finding an alternative partner or alternative funding was impossible at that stage, but hopes to find an alternative partner for it now, to continue with original plans.