April 23, 2023 By subbiesu Leave a Comment

LDC collapse: Creditors warned any money unlikely as company faces liquidation

Creditors of fallen Queensland construction company LDC have been told they are unlikely to receive a cent as it heads into liquidation. SEE THE LIST OF CREDITORS

Jeremy Pierce Follow @GoldCoastBureau2 min read April 22, 2023 - 12:00AM

QLD News

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Creditors of fallen Queensland construction company LDC have been told they are unlikely to receive a cent as administrators pour over the outfit’s extraordinary collapse.

LDC was placed into administration in January with debts of more than $7m, and a forensic analysis of the business by representatives from Mcleods Accounting has since warned unsecured creditors there was little chance of them recouping any money as the company heads into liquidation.

Those caught out by LDC’s collapse, including employees, building supply companies, subcontractors and families awaiting delivery of their dream homes, have been further angered by revelations LDC director Azemm Dannaoui continues to serve as nominee for Citycon.

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SubbiesUnited is not “anti builder”, we support strong builders.
We are “anti theft” of hard working subbies money.

It’s not just about the builders who go broke, businesses all over Australia Liquidate every day for a variety of reasons.

It’s about the ones that engage in calculated criminal behaviour such as providing false information to the regulators or inducing subbies to work on a site when they know they cannot or are not going to pay them because of a fraudulent scheme. Its about the participation of the banks, pre insolvency advisors and builder appointed Liquidators to fraudulently defeat creditors.

Liquidators should always be appointed by creditors to ensure a thorough investigation takes place.

We want the rogues investigated and prosecuted for fraud.

SubbiesUnited was created to provide subbies with collaborative information on building companies that are showing signs of insolvency or struggling to pay their creditors. The signs are always there, we just need to get the message to each other before it happens.
We provide subbies with up to date news on builders in Administration or Liquidation and the best strategies to get a return.
There are some extremely litigious builders out there who would rather sue you than pay you. Often they sue you so they don’t have to pay you. We will expose them.
The construction industry is renowned for building companies setting up illegal Phoenix operations, shifting assets, then liquidating sending subbies broke. We work with other subcontractor & supplier organisations & Governments to stop what amounts to legalised theft on a massive scale though pre packaged liquidations. Insolvency is used as a means to defraud Subbies.
Our aim is to limit the financial damage before it happens with our “members only forum”, an early warning system for the benefit of all our members.