Agreed. What I found interesting though was not who is owed money but who is not.

With the industry struggling I think that a lot of those debts would be very painful if left unpaid. Sounds like there is a fair amount of assets which hopefully the receiver will collect and distribute.

Maybe just nobody knows how to fix it. Sure, you can add a whole bunch more steel and concrete, but now it weights too much for the foundation. I suppose it can be complex, and at some point costs more than a new one done properly.

^ What initially looked like assets were accounting entries offset by liabilities. Probably not unexpected but it looks like there was a fair amount of money owed from related accounts.

A comment I found interesting is in the reasons why the receiver states DB Services filed for bankruptcy. I think that problems with Danbrook are obvious but less so (to me at least) is the claim that as interest rates increase, developers are getting doubled whammied. Not only are they paying more to borrow money, pay staff and purchase materials, but the assets they are using as collateral are being devalued as the number of firms acquiring development projects has dropped.

The banks are also calling for equity pads as the ratio of the mortgages amount grows.

It’s a tough time to be in the development industry. If the situation with interest rates doesn’t improve soon, we could see more projects sidelined.