Queensland’s construction industry has been battered in 2020 by COVID and widespread uncertainty, and now some of the biggest company liquidations can be exposed, as subcontractors are left short-changed by millions of dollars. SEE THE LIST
Hayden Johnson, The Courier-MailSubscriber only|October 28, 2020 11:49am
Subcontractors were short-changed millions of dollars following the collapse of several major Queensland construction companies.
The state's building sector sailed into uncertainty at the start of the year with building approvals at year-long lows.
The arrival of COVID-19 resulted in display home walk-throughs and auctions being cancelled as nervous investors kept their cash close. While tough economic conditions led to the collapse of at least one dozen building companies - others were liquidated for different reasons.
The Federal Government introduced its $680m HomeBuilder stimulus program in July, providing eligible owner-occupiers including first home buyers with a grant of $25,000 to build a new home or substantially renovate an existing home.
In Queensland 2536 applications have been received to access the program.
Here are some of the state’s most costly and publicised collapses of 2020.
MJM PROJECTS PTY LTD – TRADING AS VYSTAL CONSTRUCTION AND DEVELOPMENT
Collapsed January 29