A southeast Queensland civil contracting group has crashed and burned, leaving a series of unfinished road and infrastructure projects in the lurch, as well as $6.5 million owed to about 250 unsecured creditors.
Anthony Marx, The Courier-Mail Subscriber only|November 11, 2019 8:00pm
A SOUTHEAST Queensland civil contracting group has crashed and burned, leaving a series of unfinished road and infrastructure projects in the lurch.
The O’Leary Civil Group and six related companies collapsed last week with estimated debts of $6.5 million owed to about 250 unsecured creditors, including subcontractors.
The tax man is also chasing another $1 million, liquidator Gavin Morton told City Beat yesterday.
Morton said he was voluntarily appointed by sole director David O’Leary after a statutory demand issued by the ATO was about to expire, which would have inevitably lead to a wind-up action in court.
He believes creditors are likely to recover little or nothing from the wreckage despite some money set aside by the group over the past few weeks to cover wage claims and other entitlements. It’s understood about $250,000 in super is owed to 30 or so former employees.
In a desperate bid to stay afloat, the companies offloaded roughly $3 million worth of heavy equipment about three months ago.
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