SCOTT SAWYER26th Jun 2020 12:00 AM Subscriber only
A CLEARER picture has emerged of the fallout from a major Coast building group's collapse, with unsecured creditors claiming total debts of about $31 million.
Initial investigations by liquidators had indicated there wouldn't be sufficient recoveries to secure a return for unsecured creditors of RGD Group Pty Ltd and RGD Constructions Pty Ltd.
The two Coast-based companies directed by Ron Grabbe were placed into voluntary administration last month, before liquidators were formally appointed on June 12.
A recent report to creditors found about $13.5 million - $14.5 million had been lost by RGD Constructions due to a range of issues on the Virtuoso project, a premium, riverfront apartment development by Stockwell in Brisbane's West End.
FTI Consulting investigators also found "comprehensive losses" of about $10 million and $9.3 million had been recorded by RGD Constructions in the 2019 and 2020 financial years.
A list of unsecured creditors of both companies obtained by the Daily showed the scales of debts being claimed by a mix of trade suppliers, banking firms, the taxation office and others.
The Deputy Commissioner of Taxation had claimed debts of more than $138,000 against RGD Constructions and more than $388,000 against RGD Group.
Other notable claims against RGD Group included more than $513,000 owed to Bimcrest Pty Ltd, more than $287,000 owed to Peter Saunders and more than $112,000 to Regency Fabrication.