February 24, 2022 By subbiesu Leave a Comment

Probuild plunged into administration, with $5bn worth of unfinished projects around Australia

By Mark Saunokonoko 9News Staff 10:19am Feb 24, 2022

A huge cloud hangs over $5 billion in building projects around Australia as Probuild, one of the country's largest construction companies, this morning plunged into shock administration.In a Probuild statement, it was confirmed Deloitte has been appointed as administrator after WBHO Australia was "abruptly informed" by parent company WBHO South Africa that all cash and securitisation support would cease for the Australian arm.This includes Probuild, WHBO Infrastructure and Monaco Hickey.

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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.

Probuild plunged into administration, with $5bn worth of unfinished projects around Australia

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