Liquidators of failed Gold Coast construction giant Condev have found it was losing up to $1.5m a month long before its collapse – and that’s only the beginning. SHOCK NEW DETAILS:
Don't miss out on the headlines from Business. Followed categories will be added to My News.Follow
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.
Subbies United note:
56 million and climbing, this is a bigger mess than Cullen. Some in the media feted these people like they were victims and superstars of the industry. All the while we were asking them why they were being treated with kid gloves.
I feel for the staff but I wonder are they still going to be so supportive now they know they will only get 21c in the dollar. I suppose they know that the tax payers dollar with pay them their dues through FEG.
After appointing a liquidator the Director cries, "we are still solvent".
Yeah sure, and subbies put their faith and livelihoods in the hands of someone who doesn't know the difference between his arsehole and his elbow.