- The company owes $1.7 million to 130 creditors
- McLeod & Partners have been appointed as liquidators
- 64 of the 130 creditors are unsecured
A small Queensland building company has become the latest victim of the construction industry crisis, owing $1.7 million to 130 creditors.
Besse Construction, based in Brisbane, went into liquidation this week with 30 employees impacted, according to a report that has been submitted with the Australian Securities and Investments Commission (ASIC).
Jonathan Paul McLeod and Bill Karageozis of McLeod & Partners in Brisbane have been appointed as liquidators. The decision to go into liquidation was made at a general meeting of the members of the company on 9 August 2022.
The report also showed there are 64 unsecured creditors ranging from suppliers to labour hire companies. Bunnings is owed almost $10,000 , with $373,000 to a scaffolding company.
30 staff have lost their jobs at the company too.
More to come…
Set to worsen
Over the past year and a half, many builders and construction companies have collapsed nationally thanks to a range of labour and material shortages, severely impacting cash flow.
Probuild, with a portfolio of $5 billion, went into administration earlier in the year.
Other major companies such as Condev, Snowden Developments, Pivotal Homes, Pindan and Jaxon Constructions have also entered into liquidation since the pandemic began.
This has led to calls for the government to better protect apartment buyers, who may not have builder warranty or insurance to fix defects once an apartment builder has gone under.
