Resort Corp folds under AUD$300m debt

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Gold Coast property developer Resort Corp has crumpled under an AUD$300 million mountain of debt.

The company had been in the process of developing an AUD$500 million residential project, but the Australian Securities and Investment Commission has now listed Resort as being under outside administration.

It would seem that one of Resort's only hopes now is to sell its assets, which could potentially be done securely and swiftly through one of Ansarada's virtual data rooms, which may also increase competition between potential bidders.

A spokesman for the group, Andrew Robinson of Robinson Legal, told the Gold Coast Bulletin that Resort owed its creditors more than AUD$300 million.

He said: "This step has been made necessary by the massive drop in product demand and consequent curtailment of cashflow within the group."

Research by the accounting and legal network Black Ink earlier in March showed that nearly two-thirds of its business clients have made enquiries into insolvency proceedings during the last three months.