A failed Brisbane building group ‘manipulated’ its accounts to show it owed subbies and other creditors $10m less than the real amount, later collapsing with debt of $45m.
Glen Norris October 20, 2021 - 1:35PM The Australian Business Network
Failed Queensland building firm Cullen Group Australia ‘manipulated” its accounts to show it owed subbies and other creditors $10m less than its actual debts, a court had heard.
A public examination in the Federal Court Wednesday heard that the Queensland Building Construction Commission (QBCC) had requested the accounts of the business in December 2016 after questions emerged about its ability to pay its debts.
Barrister Edward Moon, for liquidator Michael Caspaney, said the accounts prepared by Cullen Group for the QBCC in December 2016 just prior to the company’s collapse showed amounts owing to creditors of only $9.4m when the real figure was more than $20m.
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