Creditors of Condev Constructions are still owed more than $61m, a year on from the devastating collapse. But there are some people who have been paid – here’s who.
Kathleen Skene Follow less than 2 min read April 26, 2023 - 4:00PM
Gold Coast Bulletin
Business
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Unsecured creditors of Condev Constructions are still owed more than $61m, a year on from the devastating collapse.
In the first annual return for the failed building giant, it emerged a bank, lawyers and liquidators have received the most significant payments to date in the year-long liquidation.
Liquidator James Robba of Worrells said 700 unsecured creditors were still owed $61.4m between them as at March 15, while former employees were owed $2.2m.
Secured creditor debts of $805,471 – owed largely to Westpac – had been settled by that date.
Meanwhile, liquidators and lawyers were paid almost $600,000 between them.
SU Note: Like we said at the time, Liquidators and Lawyers will make big money, Subbies = 0.
This disaster is 33% bigger than Cullen while the media darlings played it down with crocodile tears and everyone fell for it hook line and sinker.
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