ABC Central Coast / By Keira Proust and Emma Simkin Posted 6h ago
- In short: There is uncertainty about which of St Hilliers' construction projects will resume after the company went into administration.
- It owes up to $10 million to subcontractors and suppliers and potentially up to another $20 million in other debt.
- What's next? The administrators have asked for a three-month extension before the next creditors meeting.
The administrators of construction giant St Hilliers have confirmed there are no guarantees that work on multimillion-dollar projects will resume.
Administrators took over the company's construction division last week, stopping work on 21 development projects.
Master Builders Association New South Wales executive director Brian Seidler said it was "unfortunate".
"The number of insolvencies is just extraordinary," he told ABC Central Coast Breakfast.
SU Note: If the administrators think subbies are going to rush back to build their projects while they are owed 10 million (we think it would be double that including retentions, it always is) then they have rocks in their head and are extremely naive. Project Trust Accounts might help but subbies will want their money first.
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