Former chief of collapsed Grocon building empire declares bankruptcy
Daniel Grollo, the former chief executive of the collapsed Melbourne building company behind iconic buildings like the Eureka Tower, has declared bankruptcy.
Daniel Grollo, the former executive chairman of the collapsed Grocon building empire, which owed more than $100 million to creditors on its demise, has declared bankruptcy. Grollo made the submission of bankruptcy to the Australian Financial Security Authority in March. The building empire, which was founded in Melbourne in 1948 and was run by three generations of the Grollo family, was behind some of Melbourne’s most famous buildings, including the Eureka Tower and 101 Collins Street.
Grocon was placed into administration in December 2020 owing debts of about $104 million, with Grollo blaming the building giant’s downfall on a $270 million legal dispute with Infrastructure NSW over the Central Barangaroo development in Sydney. The Barangaroo stoush was settled following a NSW parliamentary enquiry in 2023, according to the Australian Financial Review. Grollo has been contacted for comment.
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