Creditors of a collapsed building group, which has debts claims of almost $170m have voted on its future and liquidators have revealed what will happen next.
Kathleen Skene Follow 3 min read September 7, 2023 - 8:33AM
Gold Coast Bulletin
Four companies of collapsed national construction group PBS Building have been placed into liquidation, while a fifth will be kept afloat to pursue legal action over $3m in payments allegedly owed to the PBS.
About 50 PBS creditors joined a meeting held in Canberra with voluntary administrators Jonathon Colbran, Richard Stone, and Mitchell Herrett of RSM Australia Partners to vote on the future of the group.
They voted to put PBS Building, PBS Building (ACT), PBS Building (QLD) and PBS Management Company, into immediate liquidation and to enter a Deed of Company Arrangement with litigation funder Clover Risk Funding for PBS Building (NSW).
The builder – with companies based in Canberra plus offices in Sydney and Brisbane – stopped work and locked up its sites on March 5.
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