A Brisbane building company has gone into liquidation owing close to half million dollars after a dispute with a subcontractor.
Glen Norris less than 2 min read March 23, 2021 - 3:58PM The Australian Business Network
A Brisbane building company has gone under owing close to half a million dollars following a costly dispute with a subcontractor.
Newstead-based Arcren Building was last week placed in liquidation with Bill Robson, of Robson Cotter Insolvency Group.
According to a report to creditors field with ASIC Arcren owes contractors including electricians, plumbers, steel and concrete suppliers more than $420,000.
Arcren claims in turn it is owed about $600,000 in relation to what are described as “inflated claims” from a civil works contractor building a warehouse for the firm at Virginia.
Arcren, whose directors are Matthew Flanagan and Matthew Lennon, was registered in 2014 and according to the Queensland Building and Construction Commission (QBCC) records had undertaken work valued in excess of $2.2m in the past five years.