Fighting for subbies rights
Updated 24.07.17
Advice to creditors
Click here for the full report.
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Updated 19.05.17
Click here for the full and printable version of the report below.
CKP Creditors Report 1-86594-Advice - VA to Liq - 190517
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Subbies and suppliers must embrace SubbiesUnited and Subcontractors Alliance and give Subbies a power base from which to make inroads into their comfortable, unjust, money churning industry and to drive change for the benefit of Subcontractors and Suppliers.
There is power in numbers, join SubbiesUnited now.
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04.05.17
At the first creditors meeting, NO Deed of Company Arrangement was proposed.
This leaves creditors with two options at the second meeting of creditors:
- Appoint a liquidator to the company; or
- Return the company to the director;
It's the Administrator Worrells recommendation that the company enter into Liquidation.
The report is quite detailed so if you have any queries, please do not hesitate to contact Worrells on 07 3225 4300.
It’s difficult to summarise briefly the depth of the Report, it’s best that creditors read the report. However the key points are:
- There is no Deed of Company of Arrangement proposed;
- The Administrators recommend the creditors resolve for the company to be placed into liquidation;
- The meeting of creditors will be held at Worrells offices on 10 May at 10.30am to consider the future of the company;
- Detailed notes of the Administrators’ investigations are detailed within the Report;
- Forms to attend the meeting are included at the rear of the Report.
Another Queensland builder bites the dust and once again, subbies say goodbye to their hard earned money.
Bring on Project Bank Accounts Legislation and the sooner, the better. The best way to make this happen is to give Subcontractors Alliance the financial support they need to bring home security of payment.
Subbies need to band together and support this organisation.
I know you are all doing it tough but to donate even a small amount, click here.