Subcontractors already millions out of pocket in the collapse of GCB Constructions may be forced to pay back $72m they were paid before administrators were called in. The news came as GCB’s boss made a last-ditch attempt to keep the company.
Kathleen Skene Follow 2 min read October 19, 2023 - 7:00AM
Gold Coast Bulletin
Subcontractors already millions out of pocket from the collapse of GCB Constructions may be forced to pay back $72m they were paid before administrators were called in.
GCB owed more than $47m to suppliers, subcontractors, lenders, staff and the tax office when it went into voluntary administration on July 24, the administrators have revealed in a report filed with the corporate regulator.
A new report from David Stimpson of SV Partners said unsecured creditors could be forced to repay any funds received from GCB when they knew, or should have suspected, it was insolvent.
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