SYDNEY-based property developer Metroland Australia has been brought out of administration.
Control of the company has returned to the directors after they called in administrators in September after the company was unable to secure further funding from its lenders.
The company which has been trading on the ASX since 1997 and the company reported a $10.84 million loss for the year ended June 30 2012 down 897% – following a $1 million loss in the previous year.
At the time when administrators were appointed, Metroland had a net asset deficiency of $2.3 million and its current liabilities exceeded its current assets by $2.6 million. As at June 30 2012, total liabilities was $12.08 million compared to assets of $9.79 million.
Property Review
