The liquidator of a key Gold Coast builder, which collapsed owing more than $50m, has revealed how much of their hard-earned cash subcontractors are likely to get back, and it’s not pretty.
Kathleen Skene Follow less than 2 min read January 23, 2024 - 5:00PM Gold Coast Bulletin
Subcontractors of failed Gold Coast builder GCB Constructions will get less than 11 cents for every dollar owed in the $52m collapse – and it could take up to two years to get it – the liquidator has revealed.
In his latest report, liquidator David Stimpson of SV Partners said GCB, which stopped paying tax more than a year before it went under, had just $791,220 in assets to cover its $52m in debts.
The outlook is more promising for staff and secured creditors of the company, who will receive between 51 per cent and 100 per cent of what they’re owed.
SU Note: As strange as it may sound, if subbies get 11c in the dollar, thats a win, its usually zero so we will believe it when we see it.
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