Bathla Group's administrator, Teneo, has said it will begin planning to shut down the company by the end of the day after a meeting with lenders on Monday night failed to secure the commitment needed to keep the developer afloat.

Teneo senior managing director Stephen Longley told Nine's Today Show: "We'll start planning at the end of the day for the wind down of the business," describing the situation as "very dire."

Mr Longley said the property firm has "no cash" and that hopes for completing the company's 45 active construction projects were fading. "We're running out of hope for a holistic solution to finish the 45 construction projects," he said. "We've had intensive discussions with lenders, but I don't think we're going to get enough funding in place."

The comments were more pessimistic than his earlier remarks to ABC's The Business, where he remained hopeful of securing a last-minute lifeline.

Bathla Group has accumulated debts exceeding $3.2 billion and has not paid some of its 350 staff for eight weeks. The collapse jeopardises 200 building projects across NSW, including about 2,000 homes under construction and another 13,000 in its development pipeline.

Some private credit lenders have taken control of individual worksites. The ABC understands a 312-apartment block development in Pemulwuy in Sydney's west is proceeding after lender PAG made a commitment to continue paying contractors directly.

A manufacturing contractor, who gave his first name as Moqvul, said PAG told him to keep working and not worry. Mustafa, owner of a kitchen joinery business, said he received a written commitment from PAG, but it did not extend to other Bathla sites and was unclear on outstanding bills.

"No-one is giving us any clear image of where we are heading," Mustafa said. "We are stressed. We owe the ATO, we owe the suppliers, we owe the work."