Two Queensland construction companies have collapsed with debts totalling $4.5 million, the latest in a devastating wave of building companies being placed into liquidation.
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Gold Coast companies PPS Qld and PPS Commercial, based in Burleigh Heads, were placed into liquidation on Monday, leaving a number of projects unfinished.
It is the latest in a devastating string of construction companies to fall into liquidation across Australia.
It is the latest devastating wave of construction companies falling into liquidation across Australia.
PPS Qld is believed to owe creditors $1.8 million, while PPS Commercial is owed $2.7 million.
McLeods Accounting has been appointed as liquidator.
Liquidator Nick Keramos told the Gold Coast Bulletin the figures were likely to change as more creditors came forward.
“The majority of creditors we know of at this stage are suppliers, subcontractors and employees,” he said.
“The main reason given by the two companies’ directors was adverse business conditions in the construction sector.”
Most creditors are suppliers, subcontractors, and employees.
He said PBS had ceased trading before being put into liquidation, but had a number of unfinished projects.
He said most of the creditors are suppliers, subcontractors and employees.
Construction companies across the country have been going bankrupt at a record rate over the past two years.
Among the reasons blamed for the wreck were rising costs, prices and interest rates.
Thousands of Australian construction projects and dreams have been affected amid the chaos.
ASIC data shows there have been 2,832 insolvency appointments in the construction sector in the past 12 months.
