Administrators for Bathla Group remain on the hunt for a funding package that would keep the struggling property developer in operation.

But, ahead of a creditors’ meeting on Friday, administrators conceded that any deal with lenders would only keep the company on life support.

“The situation is complex and, if secured, the funding will only give us a matter of weeks to determine if other sources of funding are available for the company’s longer-term requirements,” Teneo Australia’s financial advisory head Stephen Longley said.

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“A key focus now is the first creditors’ meeting where those owed money will be given an opportunity to hear from the administrators, ask questions and consider procedural matters.”

No decision on Bathla’s future will be decided at this meeting.

Administrators for Bathla Group remain on the hunt for a funding package that would keep the struggling property developer in operation. Credit: 7NEWS

Longley also revealed Teneo had scraped together enough money to pay employees.

But those due to be paid on Thursday will receive only a partial payment on their usual wages which have accrued from August 25, when Teneo assumed control of the Sydney company and its subsidiaries.

“We recognise the importance of ensuring employees receive wages owed to them since our appointment and appreciate the constructive way Bathla’s employees have worked with the administrators as we continue to assess the company’s position,” Longley said. 

Bathla’s 2025 accounts showed it had more than $3 billion in liabilities, and administrators said earlier this week they have no cash.

The company has about 2000 homes and apartments across 45 projects under construction, mostly in western Sydney.

Buyers have been left in limbo, waiting for news on their homes and apartments. Credit: 7NEWS

Anxious buyers have been left in limbo since Bathla was put into voluntary administration, saying they were “confused” and scared about losing deposits.

“For us, it’s a big deposit and if we lose it, it’s hard to try and get that sort of money saved up,” Sue Mancuso told 7NEWS of her $32,500 apartment down payment.

Another buyer said she had already handed over $83,000.

“(I thought) oh my God, what’s going to happen to my money, what’s going to happen to me?,” Janice Cahill said.

Sub-contractors say they are also in a major jam, with one in charge of kitchen joinery telling 7NEWS he is owed $750,000 across a range of projects.