Rich Lister Tony Denny says demands that his business pay “eight-figure sums” to fix “unsubstantiated defects” in an apartment building on the NSW Central Coast were the reasons behind the decision to put two companies associated with the project into liquidation.
The decision to appoint liquidators was based on “professional advice” and “so that the claims are best managed under a formal administration process”. A liquidation process can be initiated when a company believes it cannot pay its debts when they fall due. In a letter sent in August 2022 to Vue apartment owners, Denny expressed his commitment to ensuring that breaches of statutory warranties “are managed and dealt with properly and expeditiously”.
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