24-02-2022 1.30 PM
In regard to the Probuild collapse, it has come to our attention from a very reliable source that there are lawyers, Hyena's, ambulance chasing snake oil salesmen out there who are approaching subbies and saying;
"If you hire me now I will chase your money and get it back for you".
We know that this won't happen. The Probuild entities are now under the control of Deloitte Melbourne and they will not be paying out to subbies or anyone else for that matter.
They will be the next recipient of any money Probuild left in the bank.
It will take them weeks and months to get to the point where they have sorted out this mess and there will be no monies paid to anyone, especially subcontractors.
So our advice to you is not to pay anything to lawyers, debt collectors or anyone else to chase your money as they are as hamstrung as everyone when it comes to collection of money from a company in administration or liquidation.
If you do hire a lawyer for this purpose, you will be throwing good money after bad.
I have had lawyers email me today asking me refer any subbies who want to claim subcontractors charges.
Our advice in regard to subcontractors charges is to talk to the law firm who you have dealt with in the past as they can be very expensive and more than likely will not result in a return to you.
A return on subcontractors charges is so exceptionally low as to make it unrealistic unless you are owed a very large amount of money, say in excess of 1 million dollars.
Subcontractors also face the problem that now an external administrator has been appointed in which case CBUS will have terminated the contract.
Therefore, monies will not become payable to which the charges are attached, until final accounting is completed in several years time.
Added to those woes are the likely counterclaims that CBUS has against Probuild for Liquidated damages and the additional costs of completion which are likely to mean that no monies will be payable to which the subcontractors charge can attach.
Unless you can get a Subcontractors Charge in before certain things happen, you are too late and in this case, you are now too late.
There are good lawyers out there, they are the ones not soliciting subbies money at this toughest of times.
Subbies add a level of protection to your business and join SubbiesUnited and make use of our private members forum for up to date information but a warning, do not join if you are NOT a subcontractor, you are not welcome.