A company that once billed itself as Brisbane’s premier home extension and renovation business may have been trading insolvent for up to a year before going into liquidation, with creditors unlikely to see any of their money, according to liquidators.
Chris Herde, The Courier-Mail
A company that once billed itself as Brisbane’s premier home extension and renovation business may have been trading insolvent for up to a year before going into liquidation with creditors unlikely to see any of their money, according to liquidators.
Total Lifestyle Builders Pty Ltd which went into liquidation in June this year owing more than $1.7m to 89 unsecured creditors as well as the ATO.
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Liquidators Hall Chadwick’s Ginette Muller and Marcus Watters said in a report lodged with ASIC that in their view the company “may have been insolvent or likely to become insolvent from at least July 2019”.
They said Total Lifestyle Builders started to incur regular monthly net losses from as far back as August 2018 but still recorded an overall profit for the year ended June 20, 2019.
However, the company made less profit..
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