April 2, 2023 By subbiesu Leave a Comment

Major construction firm Lloyd Group has been placed in administration

The Melbourne firm that specialises in infrastructure work for state governments and turned over $275m last year has been placed in administration.

Cameron England Follow @CameronEngland 2 min readMarch 31, 2023 - 12:30PM The Australian Business Network

The future of almost 60 construction projects and the jobs of about 200 staff are up in the air after major construction firm Lloyd Group was placed in voluntary administration.

The Port Melbourne-based business will now be put up for sale by the administrators, who are yet to reveal details around the six group companies’ debt position.

Previous projects completed by the group include the Tesla showroom at Fortitude Valley in Queensland, the Palm Beach Surf Life Saving Club in NSW, and the Frankston Heights Primary School in Victoria.

Deloitte Turnaround & Restructuring partners Sam Marsden, Sal Algeri, Jason Tracy and Tim

Norman were appointed voluntary administrators by the directors of Lloyd Group, effective March 31.

Read the article here

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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.