Bathla Group's administrator, Teneo, said it is preparing to wind down the property developer by the end of Tuesday after lenders failed to commit $20 million in emergency funding at a Monday night meeting. The company has accumulated debts exceeding $3.2 billion, has no cash and has not paid some of its 350 staff for eight weeks.

Teneo senior managing director Stephen Longley told the Today Show the situation was "very dire" and said the company could not complete its 45 active construction projects without additional funding. Some private lenders have taken control of individual worksites; PAG has committed to continue paying contractors on a 312-apartment development in Pemulwuy in Sydney's west. Bathla's administration has left about 2,000 homes under construction and another 13,000 in its development pipeline at risk across NSW, ABC business (AU) reports.