The Brisbane-based building firm founded by the former high-flying part-owner of Melbourne Cup winner Vow and Declare is set to sting subbies for millions of dollars.
Glen Norris Follow 3 min read May 31, 2023 - 5:12PM
The Australian Business Network
QLD Business
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Subbies and contractors caught up in the $80m collapse of national building firm Lanskey Constructions may not see a cent of their money returned.
That’s the opinion of liquidators combing through the financial wreckage of the building empire founded by Paul Lanksey, the former high-flying part-owner of Melbourne Cup winner Vow and Declare. According to a report to ASIC filed by liquidator Alan Walker, of WLP Restructuring, secured creditors owed about $12.7m may see a return of three cents in the dollar once the liquidation is completed over the next few months.
But Mr Walker said unsecured creditors, including subbies and other contractors, owed more than $63m may not see any return as he winds up the company over the next six to 12 months
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