Condev Appoint Liquidator Worrells

15-03-2022 2pm

Condev are no longer a lame duck, they are now a dead duck.

It was only 2 days ago directors were imploring subbies to turn up to work and 2 days later they have appointed a liquidator. That tells you how much they care about subbies. Come to work, throw good money after bad and the good developers will employ you, pay your arrears and retentions.

Fat change of that happening.

Developers greed is the cause of a lot of the issues in the industry. They work on 20% margins, builders work on 3% margins with no rise and fall clauses in their contracts. You can partly thank Master Builders Contracts for that.

Today Condev Directors have appointed Liquidator Worrells to tidy up their mess so we can expect the usual cleanup and nothing of substance will come of it other than Worrells coffers will be in even better shape.

With that in mind, Subbies have said they want to challenge Worrells appointment so if thats what they want, we will help them do it.

Liquidators are meant to represent all creditors but Worrells don't have a history of being of any assistance to Subcontractors and Suppliers.

They were the liquidator of Bluestone Construction, when the money ran out they asked creditors to fund an investigation but creditors couldn't afford to throw good money after bad so they wound it .

The directors of Condev had the opportunity to do the right thing by everyone.

Tracy Marias said today in the Gold Coast Bulletin;

“Almost without exception we have been in discussions with developers and almost without exception they said they have put up their hands to take over the sites,” she said. (really?)

“They have chosen or undertaken to not pay Condev this month and we will provide developers of all the payment plans and invoices.

“They are formally going to pay subcontractors as per invoices which are in the system, including retentions. This remains to be seen but we have gone to considerable length to make it happen.”

That is pie in the sky just like a developer bailout was pie in the sky.

While it is a wonderful thought, please tell me when the last time was that a developer took over a job and paid subbies for past invoices and their retentions?

How did developers treat Condev when you asked for financial help?

We offered you a way of getting out of this with your reputation somewhat intact but appointing Worrells today has destroyed the chances of that happening.

The newspapers and and us have been treating you with kid gloves, well now the gloves are off.

Privium, Probuild and now Condev among others have now gone by the wayside, all of them too cheap, all of them predominately based their tenders on the cheapest or outdated quotes. None of them had the guts to write in rise and fall clauses and the result is subbies are the big losers yet again.

That is a flawed business model and this is the result of that model.

We have heard of 4 other large builders on their knees that subbies are discussing and are extremely concerned about.

You know who you are and so do we so put your hands up and ask for help before you go the way of Condev.

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, we will weed you out and you are not welcome.