Stokes Wheeler owes almost $20m to creditors and staff, no money in project accounts, report claims

Administrators have revealed a veteran Gold Coast building company owed almost $20m when it went into administration last month. Read how much was in trust accounts meant for subbies

Kathleen Skene follow 2 min read March 4, 2025 - 5:00PM

Gold Coast Bulletin

Administrators have revealed a veteran Gold Coast building company owed almost $20m when it went into administration last month, with unsecured creditors unlikely to see a cent if it’s tipped into liquidation.

The report, lodged with ASIC, said employees of Stokes Wheeler were owed up to $1.66m, while unsecured creditors were thought to be owed more than $13.5m.

There were debts to secured creditors of $3.2m – mostly to Westpac.

While the company operated six project trust accounts – intended to protect money owed to subcontractors and suppliers – all had a nil balance..

Read more here

Note: This company was highly thought of and meant a lot to subbies and the result is just more lies and deceit which just reafirms one thing:

You cannot trust any builder with your money.

Congratulations MBA with the nil balance trust accounts. Do you think it was the cost of the trust accounts that tipped this builder over the edge which is the excuse you used to lobby the government to further delay the implementation of trust accounts?

You have not one iota of care for the industry as a whole, all you are interested in is protecting your broke rip off builders.