Louise Brannelly, The Courier-Mail an hour ago Subscriber only
Construction group De Luca Corporation has had its licence reinstated by the building regulator.
The Queensland Building and Construction Commission on Friday suspended De Luca’s building licence.
In a statement on Monday, the QBCC said it had lifted the licence suspension after De Luca Corp restructured its balance sheet to meet the regulator’s financial requirements.
The regulator said that over the weekend, management of De Luca Corp took a number of steps to implement an $8 million improvement of its balance sheet, which brings the company to a positive net asset position of $4.5 million.
“The QBCC worked closely with the company over the weekend, and during this process the company has now decided to include a number of significant related-entity debtor amounts in its balance sheet, that were previously excluded,” Mr Bassett said.
“This is a positive result and means the company’s construction work is supported by an adequate asset base.”
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