February 1, 2024 By subbiesu Leave a Comment

CMG Homes in liquidation as Qld construction industry hit with worsening economic conditions

A Brisbane building company of more than 20 years has gone into liquidation amid worsening conditions for Queensland’s already embattled construction industry.

Matty Holdsworth Follow @matth_cm less than 2 min read February 1, 2024 - 2:31PM Courier Mail

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A multi-award winning Brisbane building company of 20 years has collapsed amid debts of nearly $300,000 with one project left incomplete.

Liquidators have been appointed to take control of CMG Homes Pty Ltd which folded on Wednesday.

Documents filed with the Australian Securities and Investments Commission lists its sole director as Ian Joseph Chaplin of Morayfield.

Worrells Brisbane and North Lakes principal Lee Crosthwaite was appointed liquidator who said it collapsed with debts of nearly $300,000.

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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.

CMG Homes in liquidation as Qld construction industry hit with worsening economic conditions

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