- GDK Group has gone into liquidation
The debts of a failed group of manufacturing companies has ballooned to nearly $80million in what is set to be one of the year’s biggest corporate collapses.
GDK Group, which ran a string of businesses in the cabinetry and building products industry based in Sydney’s west, collapsed last year.
Liquidators have since unravelled the huge scale of the group’s debts.
Over the last year, 12 companies under the GDK umbrella have folded with liquidators saying this week that four of those companies owe $48.7million to 159 creditors, reports news.com.au.
This brings the total amount the group owes to $78million when combined with another company linked to the group that was already revealed to have owed $29.8million.
Just before Christmas, one of the group’s businesses, Joinery Manufacturing Solutions Pty Ltd based in Weatherill Park, told 30 staff they were sacked.
GDK Group in Sydney’s west has gone into liquidation with debts of nearly $80million
It is understood some of the 12 companies went into voluntary administration and others were forcibly wound up by the tax office.
Joinery Manufacturing Solutions was the last of the businesses in the group to be wound up and was ordered into liquidation in February with $315,000 owed to creditors.
RSM Australia are acting as liquidators.
Businesses linked to GDK have worked on high profile such as supplying acoustic panelling to the Sydney Lyric Theatre, Sydney Dance Company and the head office of NRMA.
More to follow.
