Bensons Property Group Pty Ltd - Voluntary Administration

Bensons Property Group Pty Ltd, a major Australian property developer, entered voluntary administration on 27 December stating that the “difficult decision” was taken as a “pre-emptive action” to secure the company’s future and the delivery of more Australian homes.

Craig Shepard and Sebastian Hams of KordaMentha were appointed as voluntary administrators, while Keith Crawford and Matthew Caddy of McGrathNicol were appointed as receivers and managers to oversee the ongoing operation of the business.

Bensons is currently working on over 1,000 apartments across Queensland, Victoria and Tasmania worth an estimated $1.5 billion.

The company’s statement did not reveal much about its financial issues, other than stating that the entire property development sector has been experiencing an “extremely difficult time”, particularly post-COVID.

Bensons assured the public that there are no plans for redundancies and that it intends to continue trading and working on the homes in its pipeline.