More details have emerged about the liquidation of one of the Gold Coast’s biggest builders, shining light on the company’s shock collapse – and the aftermath.
Liquidators of failed Gold Coast construction giant Condev have found it was haemorrhaging up to $1.5m a month in the 10 months before its collapse and had been entering into “unprofitable contracts”.
Debts to subcontractors, staff and other creditors have been revealed as more than $56m, sharply higher than what was initially disclosed in the director’s report, while liquidators also found Condev’s accounts were not kept up to date.
The report revealed Condev’s financial troubles were years in the making, with the company logging profit of just $536,000 from income of $175.7m in the 2019-20 financial year.
The company logged a net loss of $358,000 from income of $181.3m last financial year.