- The company specialises in luxury home renovations
- External administrators have been appointed
A luxury Queensland builder specialising in home renovations has become the latest casualty in the conga line of collapsed builders.
Art Struct, based in the affluent riverside inner Brisbane suburb of New Farm, Is believed to owe creditors around $2 million.
Documents from the Australian Securities and Investment Commission (ASIC) show that the company, Art Struct Pty Ltd, went into external administration late last week. The company was established in 2005.
Jarvis Archer from Revive Financial has been appointed as an administrator.
Reports suggest that $900,000 is outstanding to the Australian Tax Office, $320,000 is owed to the employees’ super funds and trade creditors are owed $613,000.
More to come…
Growing conga line
The news comes several weeks after Melbourne-based Blint Builders went into administration, owing around $1 million to 50 creditors.
The past 18 months have seen an array of home building companies collapses including from other small Queensland builders such as Besse Construction to major companies such as Condev, Probuild and Pindan. Companies in the sector have been struggling with cash flow issues caused by labour and material shortages.
ASIC data from the June quarter 2022 shows that 28% of all insolvencies during the June 2022 quarter were from the construction sector.
