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June 5, 2020 By subbiesu Leave a Comment

Subbies, creditors vote to oust Bulkbuild administrator as debts rise to $4m

THE company-appointed administrator of collapsed Brisbane-based builder Bulkbuild has been replaced in an overwhelming vote by angry creditors.

Phil Bartsch, The Courier-MailSubscriber only|June 5, 2020 4:45pm

THE company-appointed administrator of collapsed Brisbane-based builder Bulkbuild has been given his marching orders by angry creditors.

The latest move comes as the builder’s estimated debts continue to soar.

Newly-appointed administrator Ginette Muller from accounting group Hall Chadwick said Bulkbuild’s mounting debt had now reached about $4 million.

Ms Muller said another creditors’ meeting would be called before the end of June after she had conducted further investigations into the company’s collapse.

Brisbane-based builder collapses owing $1.6m

QBCC to take action against collapsed Brisbane builder

Bulkbuild battle erupts as debts double to $3.4m

Bulkbuild Pty Ltd, a company with a strong track record on major projects, went into voluntary administration with initial estimates of $1.6 million in outstanding debts.

It appointed Leon Lee from Moreton + Lee Insolvency as its administrator on May 18.

But Mr Lee was ousted at a meeting of creditors on Thursday following a majority vote — based on both numbers and value of debt owed.

Artist’s impression of London Residences, West End.
Artist’s impression of London Residences, West End.

Creditors voted 23 to 5 — with a majority debt value of $1.362 million to $832,000 — in favour of changing the administrator.

Of the $832,000 in creditor debt value counted towards keeping Mr Lee as administrator, $800,000 was a “related party” claim from the wife of Bulkbuild’s director.

Tensions flared late last week at the first creditors meeting, which was shutdown and adjourned after a move to replace Mr Lee as administrator.

It is understood there are at least 70 creditors, many of them subcontractors.

Among them is also the developer of a West End apartment project — where work was still underway when the company collapsed — claiming it is owed more than $1 million.

Subbies United advocacy group spokesman John Goddard said the push to remove Mr Lee was “nothing personal against him”.

He said the first creditors’ meeting had “degenerated into a fiasco … and uproar when the administrator abruptly postponed the meeting” after Mr Lee disputed a vote count in which an overwhelming majority of creditors indicated they wanted the administrator replaced — “almost 2 to 1 against him”.

Mr Goddard said Subbies United was continuing to seek an independent review into the collapse of Bulkbuild as the company’s lawyers approached Mr Lee in February about its “impending administration/liquidation” but did not appoint him until May 18. There is no suggestion Mr Lee engaged in any wrongdoing.

Read more here

Filed Under: General News, Media Reports

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ABOUT US

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 so our goal is to pressure the Queensland Government to set up a fully funded Police Task Force to investigate and prosecute Construction Industry 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.

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