July 20, 2023 By subbiesu Leave a Comment

Liquidators find PBS QLD owes subbies $4m, but trust accounts hold less than $400k

Queensland subbies are being warned they’re unlikely to receive all the money they’re owed after PBS Building’s $196m collapse.

Madura McCormack 2 min read July 20, 2023 - 12:00AM

Courier Mail

QLD News

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The Queensland arm of a national builder gone bust owes subcontractors more than $4m, but the cash left in state-sanctioned trust accounts meant to ensure tradies get paid is less than $400,000, documents have revealed.

PBS Building collapsed in March owing $169m, making it the second biggest builder collapse behind Probuild.

The company’s Queensland arm was also the first to go under with state-sanctioned trust accounts, making it a test case for landmark subbie protection laws.

But with no blueprint on how to navigate the never-before-used system, administrator RSM Australia has turned to Queensland’s Supreme Court to provide advice on dealing with project trust accounts.

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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.