Ruby Collection towers on hold as Ralan Group goes into administration
The developer behind the three Ruby Collection towers due to be built in Surfers Paradise has gone into voluntary administration leaving the towers on hold while the administrator undertakes an “urgent financial assessment”.
The Ralan Group has appointed Said Jahani, Phil Campbell-Wilson and Graham Killer from Grant Thornton as voluntary administrators who will be holding a first meeting of creditors soon.
Reports indicate that the creditors are owned around $500 million in total.
“On behalf of the Company, I wish to inform you as on Tuesday 30th July 2019, the Ralan Group have entered into voluntary administration,” the developer said in an email.
Staff at the Ralan Group-owned Ruby Collection tower one and the Paradise Resort have been assured that day-to-day operations will continue “business as usual”.
“You will all continue to have jobs,” the email read.
No contractors or trades have yet been engaged in building works on the towers under construction. A spokesperson said the group was “working with key stakeholders regarding the next steps in relation to the towers still in planning”.
Sheridan Randall, 5th August 2019
