Queensland developer Con Bassili is again under financial pressure, with multiple companies tied to him and long-time business partner George Cheihk now in administration or liquidation, carrying debts of more than $40 million.
Bassili, 55, a former bankrupt, is a shareholder in Queensland Developments Payroll, which went into voluntary administration last year owing $5.4 million.
The company was rescued through a deed of company arrangement requiring creditors to be paid around 52 cents in the dollar, with millions still due by September 19.
Another venture, Budamba Property Holdings, collapsed in June owing more than $28 million after a NSW Supreme Court wind-up order.
Liquidator Bruce Gleeson has since lodged caveats over three Ipswich subdivision properties. A third firm, Queensland Developments Commissions, entered administration in July owing $1.9 million.
Bassili previously directed Queensland Property Group (QPG), which has faced multiple collapses, including a 2018 liquidation, leaving nearly $6 million unpaid. Despite this, QPG has continued to operate under new structures.
Source: Courier Mail.
