An award-winning national construction group, which went into shock administration this week, was tied to a $42m collapse exactly a decade ago, company records reveal.
Kathleen Skene Follow 3 min read March 8, 2023 - 5:00PM Gold Coast Bulletin
Business
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An award-winning national construction group, which went into shock administration this week, was tied to a $42m collapse exactly a decade ago, company records reveal.
PBS Building shut down its development sites on Monday, and entered administration the following day, throwing the plans of developers, subcontractors and home buyers into disarray.
Administrators estimate the group’s five collapsed companies have 1000 creditors owed more than $25m between them, while 180 staff are out of a job.
SU Comment: If the administrator says its 25 million, in reality it will be closer to 45 - 50 million and you can hold us to that. They always play it down in the early days.
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