August 23, 2023 By subbiesu Leave a Comment

Administrator David Stimpson recommends creditors vote to liquidate GCB Constructions

The staggering amounts owed to suppliers, subcontractors, staff and the tax office by flailing Gold Coast building company GCB Constructions have been revealed. See who is owed what.

Kathleen Skene Follow 2 min read August 23, 2023 - 11:59AM

Gold Coast Bulletin

Business

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Flailing Gold Coast building company GCB Constructions owes more than $47m to suppliers, subcontractors, lenders, staff and the tax office, an initial report from administrators has revealed.

Administrator David Stimpson of SV Partners has recommended GCB be tipped into liquidation after a touted arrangement to salvage the company failed to materialise.

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SubbiesUnited is not “anti builder”, we support strong builders.
We are “anti theft” of hard working subbies money.

It’s not just about the builders who go broke, businesses all over Australia Liquidate every day for a variety of reasons.

It’s about the ones that engage in calculated criminal behaviour such as providing false information to the regulators or inducing subbies to work on a site when they know they cannot or are not going to pay them because of a fraudulent scheme. Its about the participation of the banks, pre insolvency advisors and builder appointed Liquidators to fraudulently defeat creditors.

Liquidators should always be appointed by creditors to ensure a thorough investigation takes place.

We want the rogues investigated and prosecuted for fraud.

SubbiesUnited was created to provide subbies with collaborative information on building companies that are showing signs of insolvency or struggling to pay their creditors. The signs are always there, we just need to get the message to each other before it happens.
We provide subbies with up to date news on builders in Administration or Liquidation and the best strategies to get a return.
There are some extremely litigious builders out there who would rather sue you than pay you. Often they sue you so they don’t have to pay you. We will expose them.
The construction industry is renowned for building companies setting up illegal Phoenix operations, shifting assets, then liquidating sending subbies broke. We work with other subcontractor & supplier organisations & Governments to stop what amounts to legalised theft on a massive scale though pre packaged liquidations. Insolvency is used as a means to defraud Subbies.
Our aim is to limit the financial damage before it happens with our “members only forum”, an early warning system for the benefit of all our members.

Administrator David Stimpson recommends creditors vote to liquidate GCB Constructions

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