- The company is believed to own at least $1 million to 50 creditors
- Insolvency firm Dissolve has been appointed to handle the liquidation
- 28% of all insolvencies during the June quarter were from the construction sector
Another builder has collapsed this month, with the Melbourne-based Blint Builders Pty Ltd going into administration.
The company is believed to own at least $1 million to 50 creditors.
Cliff Sanderson from the insolvency firm Dissolve has been appointed to handle Blint Builders’ liquidation.
Mr Sanderson said around half a dozen homeowners are impacted by the demise of the company.
On top of this, the landlord of Blint Builders’ office in Highett also seized the property by executing their right to re-entry, terminating their lease and demanding all property in the site to be removed, along with the return of the keys.
The legal notice issued by the landlord claimed that almost $14,000 in rent and rates had been unpaid by the builder.
More administrations expected
The news comes as more construction companies have gone into administration over the past year and half fuelled by material and labour shortages which have severely impacted cash flow.
One notable small builder was the Queensland small builder Besse Construction, which owes $1.7 million to 130 creditors. Larger companies included Pindan, Condev and Probuild, the latter which went into administration with a $5 billion pipeline.
28% of all insolvencies for the June 2022 quarter were from the construction sector, according to data from the Australian Securities and Investment Commission (ASIC).
