A liquidated Sunshine Coast construction company left unpaid bills across Australia as the extent of the fallout from the collapse is revealed.
Bill Hoffman, Sunshine Coast Daily Subscriber only|January 29, 2020 5:19am
THE list of people owed money by failed Sunshine Coast builder Ri-Con Contractors Pty Ltd, made for unpleasant reading for subcontractors and suppliers across Australia.
A report by liquidator Worrells to creditors revealed the company's failure has been felt from Western Australia to the Northern Territory and down through Queensland.
When it went into liquidation on January 13, Ri-Con held no cash at bank and, according to director's assessment, had assets of $3,123,931 against liabilities of $4,735,121.
Unsecured creditors could take little comfort in that.
Owed amounts from a few hundred dollars to nearly a quarter of a million dollars in the case of Brisbane Electrical Contractors and Engineers which, along with retentions, total $3.601 million, they stand behind secured creditors owed $968,000, the Australian Tax Office ($127,870) and employees.
The disposal of plant and equipment including motor vehicles listed as assets valued at $700,000 may also realise a fraction of that amount and the recoverability was still to be tested of loans totalling $1,453,931 to associated entities.
Worrells has flagged creditors that its own fees for the liquidation would be in the order of $85,000, of which $19,436.05 has already been expended.
Cheryl Harper, of Enzign Painting, said her small business had been hit for $4500.
"They nagged us before Christmas to do rectifications and extra work and knew we wouldn't get paid," she said.