Lawyers lick lips as developer “washout” arrives

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As we know, developer Ralan has collapsed, via The Australian:

The collapse of the prolific east coast suburban apartment developer Ralan Group, headed by British-born William O’Dwyer, owing creditors at least half a billion dollars has highlighted the fragile state of the high-rise property market.

…The private Ralan Group specialised in high rise developments with a workbook of more than 3000 suburban apartments, but problems in the sector are widespread with Melbourne-based Stellar Group also put in receivership last month.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.