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Grocon Group boss Daniel Grollo says the construction company is fighting for its life as it prepares to appoint administrators.
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Grocon, which has operated in Australia for 70 years, declared insolvency on Friday with administrators to be appointed by Monday.
The company delivered several iconic developments in recent decades, including Melbourne's casino, Eureka Tower and the Rialto Towers.
Chief executive Mr Grollo told ABC News the company's dwindling balance sheet was due to a multi-million-dollar court case with Infrastructure NSW, a state government department, over its Central Barangaroo project in Sydney.
The legal stoush began when Crown Resorts won a court case against the INSW over Grocon's Barangaroo project obstructing waterfront views.
Grocon is now fighting for $270 million in compensation from INSW in the NSW Supreme Court, claiming the Barangaroo Delivery Authority withheld information that views from the Crown Resorts and Lendlease development would impact the Central Barangaroo design.
'We're a family company with a finite balance sheet and we can't beat a government if that government wants to play under unconscionable rules, and that's what we've subjected to,' Mr Grollo said.
He said Grocon stood to make 'more than $150 million' from the project.
'Our losses are huge. Our advisors assess the damage to be between $60 million and $190 million.
'This is the biggest battle this company has undertaken in its 73-year history.
'This is the last roll of the dice, we're in the battle of our life.'
A spokesperson for INSW said the suggestion the department 'contributed to or caused Grocon's financial circumstances was examined in a judgement of the NSW Supreme Court in September 2020'.
'The judgement in favour of Infrastructure NSW found Grocon's financial situation preceded their involvement in Central Barangaroo,' they said.
Mr Grollo said it would be impossible for the company to fight the NSW Government in court for much longer.
'We want to call it out, we want to share with our creditors where we're at,' he said.
'We've paid $400 million [for the Central Barangaroo project], we won the project; they (INSW) did a deal with someone else to our detriment.'
Grocon's Ribbon development in Sydney's Darling Harbour and the Northumberland development in Collingwood, Melbourne will not be included in the administration entities.
Mr Grollo said he understood subcontractors' for the Northumberland project in Collingwood were frustrated they had not been paid in months, but said that was because Grocon had not been paid since May due to the legal dispute with INSW.
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Mr Grollo said if his grandfather Luigi, who founded Grocon, was alive today he would think the NSW Government was 'not playing fair'.